According to the records of the Texas Legislative, lawmakers moved Senate Bill 1751 to the Committee on State Affairs on April 24 after getting approved in the state senate. The legislation aimed at amending the section of Texas’ utilities and tax code for adding restrictions related to crypto mining firms. The state lawmakers have passed a proof of reserves bill and legislation for covering the crypto firms and usage of flare gas.
Under the proposed legislation the crypto mining firms are participating in the program that intends to compensate them for load reductions on Texas’ power grid. Alongside, they would have incentives capped at 10%. Without movement on the bill, the crypto companies would be able to reap certain benefits from their operations in Texas.
Though S.B. 1751 is now in limbo, the other crypto-related legislation has already been enacted by both the Texas House and Senate. However, Gov. Greg Abbott’s approval or veto is still pending. The law, known as the evidence of reserves bill, required exchanges to have reserves in an amount sufficient to cover all of their client commitments, in addition to reporting to the Texas Department of Banking. The governor of Texas first described to himself as a “crypto law proposal supporter,” but no such legislation has been proposed recently.
Several mining firms that are operating in Texas are leading to criticism at the federal level from a few anti–crypto lawmakers about the concern about energy usage and the environment. The lawmakers in the state are moving forward on the legislation for amending the Texas Bill Of Rights for enriching the residents’ rights for possessing, retaining, and utilizing digital currencies. Initially, the bill was referred to Senate Committee on Business and Commerce.