Texas is Bitcoin territory

Speaking to the Texas Blockchain Council, Abbott urged Bitcoin entities to establish themselves in Texas, promising ease of business and no regulatory friction.

"We are promoting and advancing it. But I would say that we are providing a platform for those involved in blockchain, for those involved in Bitcoin, to ensure that they have a location to which they can come."

According to Abbott,  the state will continue to advance its pro-Bitcoin & blockchain agenda to support the development of digital asset advancement in the state.

When asked about the differences between Texas and other pro-Bitcoin states, Abbott stated that Texas formed a working group to improve existing laws to make the state more inviting to ensure Bitcoin's success.

"Understand this: when Texas passes legislation, we don't want to be over-regulatory; in fact, we're anti-regulation. We want to build an infrastructure to ensure the success of blockchain and Bitcoin."

According to a recent SmartAsset research on crypto-friendly states in the United States, Texas tied for fourth place with New Jersey, trailing Nevada in the first place, Florida, and California.

The study examined factors such as crypto job availability and the kindness of local state legislation when compiling the rankings.

Rejects ESG

Texas announced in August that it would divest state funds from several providers, such as BlackRock, due to their emphasis on environmental, social, and governance (ESG) standards.

Comptroller Glenn Hegar blamed the companies at the center of the storm for pushing agendas that endanger the state's oil and gas industry.

Last month, the state of Louisiana jumped on board, divesting $794 million from BlackRock, citing "support for ESG investing is inconsistent with the best economic interests and values of Louisiana," according to Louisiana Treasurer John Schroder.

As a result, some observers have urged divested states such as Utah, Arkansas, and West Virginia to purchase Bitcoin instead.

How do you think this will benefit the Texas economy? Drop your comments by sharing this article on social media.

Nov 28, 2022
Crypto News

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