The state of Texas is gunning for the leading crypto and blockchain hub title after welcoming Chinese crypto miners following a recent ban. A report unveiled this news on October 2, noting that the US state has expanded its Blockchain Council to include 70 members. Led by Lee Brachter, the council seeks to host the Texas Blockchain Summit this Friday from 8:00 AM to 6:00 PM.
Among the firms that are backing this event is Coinsource, a Bitcoin ATM services leader. Hedera Hashgraph, a distributed ledger technology firm, and Vertala, a firm that offers Software as a Service (SaaS) solutions to enable and connect the digital asset economy, are also sponsoring the Texas Blockchain Summit.
Per the event’s website, the summit will be held at the AT&T Hotel and Conference Center. It will feature pro-crypto speakers, such as Senators Cynthia Lummis, Ted Cruz, and John Cornyn. The SEC’s Commissioner, Hester Peirce, will also be a keynote speaker.
Texas Governor, Greg Abbott, also supports the state’s venture into crypto. To show his support for the nascent sector, he has already met with the Texas Blockchain Council twice.
In March, Governor Abbott tweeted,
“Count me in as a crypto law proposal supporter. It is increasingly being used for transactions and is beginning to go mainstream as an investment. (Fidelity, etc. trying to get Bitcoin ETF). Texas should lead on this like we did with a gold depository.”
Crypto-friendly regulations set to lure innovators
After a stream of other crypto-related tweets, including one that said Texas is becoming a Mecca for Bitcoin miners, the crypto-friendly Governor said,
“It’s happening! Texas will be the crypto leader. Cryptocurrency is now coming to Texas grocery stores. H-E-B is putting cryptocurrency kiosks into some Texas grocery stores.”
Abbott also signed Texas House Bills 1576 and 4474 into law, bringing them to effect on September 1. Bill 1576 allowed for the creation of a working group on blockchain technology, while bill 4474 updated the Uniform Commercial Code to recognize cryptocurrencies.
According to the president of the Texas Blockchain Association, Lee Brachter, Texas will become a blockchain and crypto hub because of its business-friendly atmosphere, which has fostered development for many years.
Brachter also pointed out that the Texas Blockchain Association has been working with legislators, such as Representative Tan Parker and Senator Angela Paxton, to create legal and regulatory frameworks that encourage entrepreneurs to innovate.
Another factor that might foster the growth of crypto and blockchain industries in Texas is that the Commissioner of the Texas Department of Banking greenlighted all Texas state-chartered banks to offer crypto custody.
Crypto-related growth is poised to raise Texas’ GDP
With crypto and blockchain innovators increasingly seeking the stability that comes with friendly regulations, Texas is well-positioned to attract a lot of firms in the burgeoning industries. At the moment, Texas makes the list of top-10 economies in the US, with an annual GDP of approximately $1.75 trillion. By warming up to crypto, the state is set to continue growing.