This article discusses recent developments in Texas and the federal government regarding the use and regulation of cryptocurrency and blockchain technology. It highlights the introduction of a bill to protect the legal interests of Bitcoin investors, miners, and developers within the state and a proposed bill by Senator Ted Cruz to ban the implementation of centralized digital currency by the Federal Reserve and the Biden administration.
The state of Texas continues to demonstrate its support for Bitcoin and blockchain technology, with recent developments indicating that a bill has been introduced to safeguard the legal interests of Bitcoin investors, miners, and developers.
Texas has been a front runner in the development of blockchain and has always been supportive of cryptocurrencies, even when many other states and countries were skeptical. Several Bitcoin mining firms have set up shop in the state, and Bitcoin is seen as a pioneering technology, actively supported by the state to help it thrive.
Texas’ House Concurrent Resolution 89 is mainly a symbolic gesture, which, if passed, would not change the state’s statutory framework significantly. However, it is a sign that Texas remains committed to the continued development and use of blockchain technology and cryptocurrency.
Texas Senator Ted Cruz proposes bill to ban CBDCS
On the other hand, Senator Ted Cruz and other Senate Republicans have proposed legislation to prevent the Federal Reserve and the Biden administration from implementing a centralized digital currency (CBDC).
In accordance with an executive order that was issued by President Joe Biden in March of 2022, the United States Federal Government has been investigating the prospect of establishing a CBDC.
According to Cruz, the federal government has no authority to establish a central bank currency unilaterally and the bill aims to ensure that the government does not attempt to centralize or control cryptocurrency, allowing it to thrive in the United States.
The latest developments in Texas show that the state is committed to supporting the development and use of blockchain technology and cryptocurrency. However, at the federal level, there is still debate about the use of CBDCs and how they should be regulated. Nonetheless, the future of cryptocurrency in the United States seems bright, with lawmakers and regulators increasingly recognizing its potential for innovation, entrepreneurship, and individual freedom.