Skip to content Skip to sidebar Skip to footer

Texas Shows Support to Bitcoin

Texas Governor Greg Abbott has said that his state wants to be the center of BTC because of the global significance of Bitcoin. To put it simply, Bitcoin was created in Texas. In his remarks to the Texas Blockchain Council, Abbott encouraged Bitcoin entrepreneurs to set up shop in the Lone Star State, touting its “ease of business” and lack of regulatory friction as selling points.

Texas Governor Came in Support of Bitcoin

Abbott has pledged to keep Texas’ pro-Bitcoin and pro-blockchain agenda moving ahead to foster the development of the digital asset innovation industry. When asked what sets Texas distinct from other Bitcoin-friendly jurisdictions, Abbott said that the Lone Star State had formed a working group to improve existing laws to make Texas “more inviting” to guarantee Bitcoin’s success.

Also read: BlockFi Files Bankruptcy

He pointed out that Texas is anti-regulation on the whole but that they don’t want to be too anti-regulation on matters of law. They aim to create an environment where Bitcoin and the blockchain can thrive. After Nevada, Florida, and California, Texas and New Jersey tied for fourth place in a recent SmartAsset study ranking the most crypto-friendly states in the United States.

In compiling the rankings, the poll considered factors including the availability of crypto-related employment opportunities and the receptiveness of regional state laws. In August, Texas said it would stop investing state funds with many firms, including BlackRock, because of the latter’s focus on environmental, social, and governance (ESG) criteria.

Comptroller Glenn Hegar of Texas has said that the companies at the core of the dispute are responsible for pushing through regulations that endanger the oil and gas industry in Texas. Treasurer John Schroder of Louisiana said this month that the state has pulled $794 million from BlackRock because support of ESG investing is inconsistent with the greatest economic interests and values of Louisiana.

Consequently, numerous experts have suggested that the states that have divested, including West Virginia, Utah, and Arkansas, should instead invest in Bitcoin.