Texas Blockchain Matters Task Force Report: Recommends Legislature Make Bitcoin an Authorized Investment

Published a blockchain report and proposed master plan by the U.S. State of Texas Blockchain Matters Working Group, aimed at establishing a blockchain system in Texas pursuant to House Bill 1576 passed by the 87th Texas Legislature. Develop the blockchain industry. The 84-page report examines the current state of the blockchain industry in Texas, reviews the state's current academic, educational, and workforce needs to grow the industry, and identifies the economic growth and development opportunities. The report contains legislative and policy recommendations designed to encourage the expansion of the industry and establish regulatory and legal clarity to establish Texas as a leader in blockchain technology and cryptocurrencies. Some of the report's recommendations include: researching a two-year tax holiday for crypto payments; proposing tax incentives for bitcoin miners; and the legislature should consider cryptocurrencies with large market caps, such as bitcoin, as mandates in Texas Investment; encourage the legislature to adopt resolutions supporting educational programs related to blockchain technology; Texas should clarify business enterprise law to ensure that DAOs enjoy a full range of business entity formation options.