Crypto bills await governor’s decision as Texas legislative session ends

by May 30, 2023CryptoNews0 comments

The Texas Legislature has wrapped up its 88th session without resolving some bills that could affect the crypto industry in the state. One of them is Senate Bill 1751, which would impose restrictions on crypto mining firms that participate in a program to reduce their load on the power grid. The bill was moved to the Committee on State Affairs on April 24 after passing the state senate, but no further action was taken.

The bill would limit the incentives for crypto miners to 10% of their load reduction, which could discourage them from operating in Texas. However, since the bill did not make it to the House floor before the session ended on May 29, it will likely have to wait until the next regular session in 2025.

Meanwhile, two other crypto-related bills have passed both chambers of the Texas Legislature and are now awaiting approval or veto from Gov. Greg Abbott. In Texas, bills that reach the governor’s desk become law automatically unless he vetoes them within a certain period.

One of them is House Bill 1666, a proof-of-reserves bill that would require crypto exchanges to maintain sufficient reserves to fulfill their obligations to customers and report their liabilities to the Texas Department of Banking. The bill passed the state senate on May 15.

The other one is House Bill 591, which would allow Bitcoin ( BTC) miners in Texas to use flare gas emissions as a source of energy for their operations. The bill passed the state senate on May 10.

Abbott has not indicated his stance on these bills yet, but he has previously expressed his support for crypto legislation. He has a 10-day window to veto bills that reach his desk more than 10 days before the end of the session, and a 20-day window for bills that reach his desk within 10 days of the end of the session. This means that H.B. 591 may already be in effect, while H.B. 1666 has until mid-June to be signed or vetoed.

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