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Texas recognizes the value of  Bitcoin

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TL;DR Breakdown

  • According to Governor Abbott, Texas wants to be the center of Bitcoin innovation.
  • Texas and New Jersey tied for the fourth position in a recent SmartAsset survey on the most crypto-friendly states in the United States.

Greg Abbott, the governor of Texas, says his state “wants to be the core of that” and recognizes the value of what Bitcoin means to the entire world.

Texas is the home of Bitcoin

Speaking to the Texas Blockchain Council, Abbott urged Bitcoin businesses to locate in Texas, promising “ease of business” and a lack of regulatory friction.

“We are advancing it and promoting it. However, I would assert that we are giving the platform for individuals who are engaged in blockchain and bitcoin to ensure they have a place to go.”

According to Abbott, Texas will keep pushing forward its pro-Bitcoin and pro-blockchain agenda to support the growth of the digital asset innovation sector in the state.

When questioned about what set Texas apart from other pro-Bitcoin states, Abbott stated that Texas established a working group to concentrate on enhancing current legislation to make the state “more welcoming” to ensure Bitcoin’s success.

He noted the fact that Texas is somewhat anti-regulation; however, they don’t want to be overly so when it comes to legislation. They, therefore, aim to set up a framework so that Bitcoin and blockchain can flourish.

Texas and New Jersey tied for fourth position in a recent SmartAsset survey on the most crypto-friendly states in the United States, behind Nevada in the first place, Florida in second, and California in third.

The survey looked at variables like the accessibility of crypto jobs and the friendliness of regional state legislation while determining the rankings.

Texas said in August that it would withdraw its state money from a number of suppliers, including BlackRock, due to their emphasis on environmental, social, and governance (ESG) requirements.

The firms at the center of the controversy, according to Texas Comptroller Glenn Hegar, are to blame for advancing policies that pose a threat to the state’s oil and gas sector.

Following suit, Louisiana’s state treasurer John Schroder announced this month that the state has divested $794 million from BlackRock because “support of ESG investment is incongruous with the best economic interests and values of Louisiana.”

As a result, several analysts urged the divested states, which also include West Virginia, Utah, and Arkansas, to purchase BTC instead.

Lacton Muriuki

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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