Texas legislative session winds down with crypto bills still in limbo
The 88th legislative session for the government of the state of Texas will end on May 29 without any resolution to certain bills affecting aspects of the digital asset space.
According to Texas legislative records, lawmakers moved Senate Bill 1751 to the Committee on State Affairs on April 24 after passage in the state senate. The legislation aims to amend sections of Texas’ utilities and tax code to add restrictions for crypto mining firms, prompting criticism from digital asset advocates. At the time of publication, there was no movement on S.B. 1751, making it unlikely that lawmakers will be able to address the bill until its next regular session starting in January 2025 — the Legislature meets every other year.
Under the proposed legislation, crypto mining firms participating in a program intended to compensate them for load reductions on Texas’ power grid would have their incentives capped at 10%. Without movement on the bill, crypto companies will likely be able to continue to reap certain benefits from operating in Texas.
Though S.B. 1751 may be in limbo, two other crypto-related bills have already been passed by both chambers of the Texas Legislature and await approval or veto from Gov. Greg Abbott. In Texas, bills that make it through the Legislature and to Abbott’s desk automatically become law unless the governor actively vetoes them.
On May 15, Texas House Bill 1666 passed the state Senate. The legislation, a proof-of-reserves bill, aimed to require exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” and submit reports to the Texas Department of Banking regarding their liabilities. Lawmakers also passed House Bill 591 on May 10 — legislation allowing Bitcoin (BTC)
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