According to a recent report, a number of cryptocurrency and blockchain businesses, including Coinbase, have teamed up to form a lobbying group for the industry based in Texas.
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Texas Blockchain Group to Support Educational Programs
In accordance with a statement made on September 11 by the Crypto Freedom Alliance, the organization would support educational programs aimed at corporations, non-profits, and other organizations to raise awareness of the importance of Web3 in the state of Texas.
Crypto Freedom Alliance Established by Many Firms
Notably, the Crypto Freedom Alliance has been established by a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm to advocate “the development of coherent and predictable regulations for digital assets in Texas.”
Brian Quintenz, global head of policy at Andreessen Horowitz or a16z crypto, claims that Texas is ideally suited to evolve into an escape for Web3 engineers, but doing so requires establishing an advocacy group.
He said: “Modifying the unincorporated association law that applies more generally to limited liability types of entities is a state issue, and there are only a few states that have adopted the Uniform Code of Unincorporated Associations […] Texas is one of them.”
Cryptocurrency Mining Industry Of Texas
It is remarkable that cryptocurrency mining is a common activity in Texas in the United States. The majority of Genesis Digital Assets’ CPUs are located in Texas. Hut8, a company that operates 6,400 mining computers, also moved them to the state on July 3.
Legal Battles
Of particular note, a16z and Paradigm backed Coinbase, when it got involved in a legal battle with the U.S. Securities and Exchange Commission (SEC). The trading platform previously came under fire for allegedly acting as an unregistered broker, clearing agency, and exchange.
Moreover, the CEO of Coinbase, Brian Armstrong, had expressed the need for regulation clarification before. According to him, the United States will ultimately achieve “regulatory clarity,” which is essential at this point in time. Armstrong claimed that efficiently regulating cryptocurrencies isn’t “rocket science” in an interview with the Wall Street Journal on June 11.
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