Texas wants to be the centerpiece of Bitcoin innovation, says Governor Abbott

2022-11-29 18:49

Texas Governor Greg Abbott sees value in what Bitcoin means to the entire world, adding that his state “wants to be the centerpiece of that.”

Texas is Bitcoin country

Speaking to the Texas Blockchain Council, Abbott encouraged Bitcoin entities to set up shop in Texas, saying those that do will be rewarded with “ease of business” and no regulatory friction.

“We are promoting it, we are advancing it. But I would say we are providing the platform for those who are involved in blockchain, for those who are involved in Bitcoin, to make sure they are going to have a location they can come to.”

Abbott said Texas will continue advancing its pro-Bitcoin/blockchain agenda to aid the development of digital asset innovation in the state.

When quizzed on differences between Texas and other pro-Bitcoin states, Abbott said Texas created a working group to focus on improving existing laws to make the state “more inviting” to ensure Bitcoin’s success.

“Understand this, when Texas engages in legislation, we don’t want to be over-regulatory, we’re kind of anti-regulation. But we want to provide an infrastructure to make sure blockchain and Bitcoin will be able to succeed.”

According to a recent SmartAsset study on crypto-friendly U.S. states, Texas ranked joint fourth with New Jersey, behind Nevada in first place, then Florida, followed by California.

In compiling the rankings, the study examined factors including crypto job availability and the friendliness of local state legislation.

Texas snubs ESG

In August, Texas announced it would divest state funds from several providers, including BlackRock, in response to their focus on environmental, social, and governance (ESG) standards.

Texas Comptroller Glenn Hegar said the companies at the heart of the storm are responsible for pushing agendas threatening the state’s oil and gas industry.

Last month, the state of Louisiana followed suit, divesting $794 million from BlackRock, with Louisiana Treasurer John Schroder saying, “support of ESG investing is inconsistent with the best economic interests and values of Louisiana.”

In response, some observers called on divested states, which also include Utah, Arkansas, and West Virginia, to buy Bitcoin instead.

The post Texas wants to be the centerpiece of Bitcoin innovation, says Governor Abbott appeared first on CryptoSlate.

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