Cryptocurrency companies band together in Texas for better regulations

Cryptocurrency companies band together in Texas for better regulations

A new blockchain advocacy group hopes to force Texas lawmakers into action

Several cryptocurrency and blockchain companies have come together to create a new crypto advocacy group called the Crypto Freedom Alliance of Texas. It was founded by a16z crypto, Ledger, Bain Capital Crypto, Paradigm, Coinbase and Blockchain Capital to stimulate “the development of coherent and predictable regulations for digital assets in Texas.”

To further its goals, the Crypto Freedom Alliance announced on September 11 that it will also promote educational initiatives targeting corporations, government officials and other institutions, which will highlight the importance of Web3 in Texas.

Global head of policy at a16z crypto, Brian Quintenz, met with Cointelegraph at the Permissionless II conference in Austin to provide more details about the new organization. The state is an excellent fit as a hub for Web3 developers, which needs an advocacy group to handle issues within Texas, according to Quintenz.

For example, Quintenz asserted that decentralized autonomous organizations (DAOs) sometimes need legal jurisdiction. Texas has become an attractive state since adopting the Uniform Code of Unincorporated Associations.

“Modifying the unincorporated association law that applies more generally to limited liability types of entities is a state issue, and there are only a few states that have adopted the Uniform Code of Unincorporated Associations […] Texas is one of them,” said Quintenz.

Besides endorsing changes to the unincorporated association laws, Quintenz says the group plans to advocate for more crypto-friendly tax laws, bank regulations and bank charter laws. He believes Wyoming’s current bank charter laws are “a positive example” of what crypto-friendly state legislatures can achieve.

Texas is one of the most popular crypto mining states in the US. Genesis Digital Assets has nearly all its CPUs based in the state, and crypto mining company Hut8 recently relocated 6,400 mining computers to Texas on July 3.

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