On November 9, 2020, an announcement was made on the formal launch of the Texas Blockchain Council. The goal of the organization is to make Texas the leading state for blockchain businesses and investment in the sector. It will operate as a nonprofit association that will represent the business community in Texas that specializes in blockchain technology.
Texas & Blockchain
According to a recent assessment by the Brookings Institute, Texas was classified as a reactionary state government in regards to blockchain technology. The classification means that Texas is one of the US states that takes a negative stance towards the crypto industry.
Despite the deep suspicion in which crypto and blockchain technology is treated, several blockchain firms have established themselves in the state. As a result, industry leaders in the state’s blockchain industry decided to join forces to speak with a united voice. They will aim to direct how policy regarding the blockchain industry evolves in the state. Consequently, their efforts will help to accelerate the adoption of blockchain-based business models in various industries.
Lee Bratcher, the President and Founder of the Texas Blockchain Council, explained the rationale for the formation of the industry association. He said that Silicon Valley had lost its competitive edge over the years. According to him, Texas was positioning itself to take over the leadership role in the emerging technology sector. Bratcher added:
“if Texas can get the regulatory and public policy piece right, then the dynamic and diversified Texas economy would have further reason to be the model for the country.”
Texas Blockchain Council Vision
The association has an ambitious vision for the state’s blockchain industry. Members of the association are working with lawmakers to create a Blockchain Caucus with the Texas Legislature. The caucus will comprise a group of advocates from both sides of the political divides. These legislators will work to promote legislative initiatives that foster growth in the state’s blockchain industry.
The initiatives will include the establishment of a Blockchain Working Group and Uniform Commercial Code updates in collaboration with the Uniform Law Commission. Besides these two initiatives, the Blockchain Caucus will work to promote other enabling legislation for blockchain infrastructure.
In the long term, the association will establish public-private partnerships. These partnerships will include research institutes, private companies, regulatory agencies, and economic development entities. The goal of these partnerships will be to develop and incubate a blockchain ecosystem in Texas that is based on innovation.
According to Tan Parker, a Texas State Representative, Texas has had a long history of technology innovation and freethinking entrepreneurs. He added:
“We’ve now set our sights on becoming the jurisdiction of choice for investors, entrepreneurs, and enterprises to build and deploy blockchain technology applications and other emerging tech innovations.”
The blockchain sector is still young, and there are still a lot of regulatory hurdles that need to be overcome. By industry players working together, it will ensure that innovation and development in the sector are not stifled by government policies.
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