Leading crypto firms have joined hands to form a blockchain group in Texas that would be lobbying for regulation of crypto assets in the state.
Texas has been a pro-crypto state for some time. The state passed a bill in 2023 to regulate crypto exchanges, while its Senator has also expressed support for crypto. Texas is again in the news for a crypto-friendly initiative. Leading crypto firms have formed a blockchain group in the state in the interest of the regulation of crypto assets.
The crypto policy group is named “Crypto Freedom Alliance of Texas,” with several blockchain companies as its members. The group will function to educate the government, policymakers, regulators, and others on crypto.
Kinjal Shah, who will serve as the crypto policy group’s Chair, said, “As a resident of Texas, I know this state has a lot to gain from getting crypto policy right. 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.”
The blockchain group has several goals in place. Firstly, it would start with lobbying for transparent and clear crypto regulations. It would also work towards enabling collaboration between stakeholders of the crypto industry. It would also support innovation in the industry while creating awareness of the crypto sector.
Several members of the group were upbeat about the huge potential for crypto in Texas. Recognizing decentralized autonomous organizations (DAOs) as legal entities is also featured in their remarks. Bank regulations and friendly tax laws were also a few of their agendas for crypto advocacy.