In a significant move, several leading crypto and blockchain companies, including a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm, have joined forces to create the Crypto Freedom Alliance of Texas.
The Crypto Freedom Alliance of Texas aims to kickstart educational campaigns targeting government officials, businesses, non-profits, and others.
Their mission is to shed light on the potential of Web3 technology in Texas, as stated in their announcement on September 11.
Brian Quintenz, a16z crypto’s Global Head of Policy, stressed that Texas is a great fit for Web3 developers.
However, he also emphasized the importance of having a group to address specific issues in the state.
Quintenz pointed out that decentralized autonomous organizations (DAOs) need legal standing to function smoothly.
Texas, with its adoption of the Uniform Code of Unincorporated Associations, provides a favourable environment.
However, Quintenz acknowledged that slight changes are needed in this code to grant DAOs legal recognition:
"One of the things we continue to try to do is to advocate and educate around creating a legal entity for DAOs that makes some changes to the unincorporated association framework but makes it more restrictive. We don’t want to just open it up to anybody and say ‘Oh, I’m a DAO.’ You can only really qualify for this if you’re a decentralized kind of organization" said Quintenz.
The group's agenda includes advocating for amendments to unincorporated association laws.
They also aim to push for tax laws, bank charter laws, and bank regulations that support the crypto industry.
Quintenz cited Wyoming's bank charter laws as an encouraging example set by crypto-friendly legislatures.
Texas is a well-known hub for crypto mining in the United States, with Genesis Digital Assets and Hut8 making significant moves in the state.
The establishment of the Crypto Freedom Alliance of Texas marks a collaborative effort to shape the regulatory landscape in a way that supports the thriving digital asset industry.
The collective power of these industry leaders is poised to bring about positive change for the future of crypto in Texas.