Texas Says Owning Bitcoin a Right
Posted on 06/20/2023
Texas is making Bitcoin ownership a right, and it can be lawfully traded and sold. There will be no need to register to buy or sell in Bitcoin. Transactions need not occur in the state to be considered legal in Texas. Even though buying and selling can occur using Bitcoin as currency, it is still not considered legal tender in the state. That means it could not be used in payment of a debt or for tax purposes at this time.
An earlier report out of the Texas Comptroller’s Office discussed the rise of Bitcoin and its impact on Texas’ economy:
“In 2008, the city of Rockdale lost about 80 percent of its workforce following the closure of the Alcoa steel plant. Today, the old Alcoa plant is occupied by Riot Blockchain’s Whinstone facility, believed to be the largest single Bitcoin mining operation in North America. As an industry that relies on high levels of electricity, the company was drawn to the facility due to its existing power infrastructure, including valuable high-voltage transmission lines and large substations. The Whinstone operation has added 300 direct jobs and an additional 900 to 1,200 indirect jobs to the city. For the first time in the city’s history, sales tax revenues are on track to exceed $1 million this year.”
However, there were concerns in Texas as elsewhere: “Cryptocurrency mining’s large appetite for energy is certainly a concern for Texas, especially in the wake of Winter Storm Uri and the state’s electric grid vulnerabilities.”
In general, the mood at the Comptroller’s Office and in Texas is positive for crypto assets.