Major Crypto Firms Form Crypto Freedom Alliance of Texas to Advocate for Clear Regulations and Promote Web3 Development
Summary:
A group of major crypto and blockchain firms including a16z crypto, Coinbase, and Ledger have formed the Crypto Freedom Alliance of Texas to advocate for clear regulations and promote the value of Web3 in the state. Their goals include addressing legal issues for decentralized autonomous organizations (DAOs) and pushing for crypto-friendly tax laws. Texas, a popular hub for crypto mining, offers potential for Web3 development.
A consortium of crypto and blockchain companies have come together to establish a crypto advocacy group in Texas, as per a statement released on September 11. The group, named "Crypto Freedom Alliance of Texas," includes a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm. Their objective is to promote the development of clear and consistent regulations for digital assets in the state. To achieve their goals, the Crypto Freedom Alliance plans to initiate educational programs targeting government officials, corporations, non-profits, and other organizations to showcase the value of Web3 in Texas. At the Permissionless II conference in Austin, representatives from a16z crypto provided further insights into the formation of the group. According to a16z crypto's global head of policy, Brian Quintenz, Texas possesses unique potential to become a haven for Web3 developers; however, the formation of an advocacy group is crucial to tackling relevant concerns in the state. Quintenz highlighted that decentralized autonomous organizations (DAOs) often require legal jurisdiction to operate effectively. He praised Texas for its adoption of the Uniform Code of Unincorporated Associations, which makes it an appealing state for DAOs. However, Quintenz emphasized that slight modifications to the code are necessary to recognize DAOs as legal entities. The group also aims to push for crypto-friendly tax laws, bank charter laws, and bank regulations, taking inspiration from Wyoming's bank charter laws. Texas is known as a prominent crypto mining hub in the United States, with companies like Genesis Digital Assets and Hut8 basing their operations in the state.
Published At
9/11/2023 10:09:50 PM
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