In an effort to promote regulatory clarity in the cryptocurrency industry, several prominent crypto and blockchain companies have joined forces to establish the Crypto Freedom Alliance of Texas.
The alliance, which includes a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm, aims to advocate for the development of coherent and predictable regulations for digital assets within the state of Texas, according to a Monday press release.
The Crypto Freedom Alliance plans to achieve its objectives by launching educational initiatives targeting various stakeholders, including government officials, corporations, non-profit organizations, and other entities.
The aim is to raise awareness about the value of Web3, the decentralized web, and its potential impact on the state of Texas.
“As a resident of Texas, I know this state has a lot to gain from getting crypto policy right,” said Kinjal Shah, Chair of Crypto Freedom Alliance of Texas and general partner at Blockchain Capital.
“In the face of federal inaction, Texas should move forward and lead by example with sensible crypto policies that protect consumers and investors, and foster innovation,”
Crypto Freedom Alliance to Advocate For Crypto-Friendly Laws
Apart from addressing DAO-related issues, the Crypto Freedom Alliance intends to advocate for crypto-friendly tax laws, bank charter laws, and bank regulations.
Quintenz pointed to Wyoming’s bank charter laws as a positive example of what can be achieved by crypto-friendly legislatures.
Texas has emerged as a prominent hub for crypto mining in the United States, with companies like Genesis Digital Assets and Hut8 establishing a strong presence in the state.
For one, Hut8 has relocated thousands of mining computers to Texas, which demonstrates the growing significance of the region in the crypto mining sector.
It is worth noting that Texas also has some crypto-friendly lawmakers, including Senator Ted Cruz.
Just recently, the Senator voiced support for the Bitcoin (BTC) mining industry, highlighting its potential benefits during times of extreme weather conditions.
In an interview on Fox News Radio, Cruz expressed his belief in Bitcoin mining, claiming that it enhances the resiliency of the energy grid.
Citing the recent challenges faced by the Texas power grid due to inclement weather, Cruz explained that Bitcoin mining operations can easily power down in times of crisis, effectively serving as emergency reservoirs of power.
Back in August, Coinbase announced the launch of a crypto advocacy group tasked with promoting the interests of the crypto community.
Dubbed Stand with Crypto Alliance, the independent nonprofit organization aims to mobilize support for legislation that would create a regulatory framework for digital assets in the US.
The primary goal of the organization is to bridge the gap between the crypto community and US regulators, who have often clashed over how the industry should be regulated.