Texas Is Bullish on Bitcoin! – 236

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Moves coming from the state of Texas Here they're actually completely counter Uh counteractive to Biden's uh digital Currency policy uh which is going to be Interesting you know I have talked about This in the past on the rumble Channel Which I highly recommend after the show We'll talk about this more in more depth But there does appear to be Related around crypto a pretty strong Stance of like Texas right versus like New York or Really at this point in the federal Government and by Nature there are there Is partisanship starting to flow through That right where you have this kind of Support for cryptocurrency this strong Support for cryptocurrency coming from Uh Republicans especially when it Pertains as it pertains to Mining and so On and kind of a huge pushback Mostly probably due to specifically the Environmental push is what I would Assume I'd like to hear your thoughts And opinions of course in the comment Section as well as the live chat and we Can talk in more depth and more freely Over on Rumble later but I am starting To draw these correlations that do seem To be somewhat related right and we need To pay attention to that as we move Forward and yes the channel is because We do talk about these topics being Suppressed on YouTube uh when I looked

At essentially the uh the current Traffic on YouTube it is all external or A majority of is external it has never Been a majority external in the past so I would appreciate any sharing you can Can do for this if you find it helpful Let's get back into this though there Are like I said some very bullish moves Going on here Commercial contracts the legislature Should consider an act proposed 2022 Amendments to the Uniform Commercial Code dealing with technology changes Including new article 12 and amendments To article 9. these enactments will give Full legal recognition to digital assets As a type of personal property and will Protect such traditional property rights As the right to own free and clear of Conflicting property claims the right to Assign is collateral for obligations and The right to sell [Music] I mean come on if that ain't bullish for Texas man It is amazing dude now To avoid creating Ambi ambiguity in the Emerging blockchain Marketplace in Texas The legislature should not supplement to Or attempt to clarify Texas earlier Enactment of the uniform electronic Transaction act which gives full legal Recognition to electronic records Electronic signatures and the use of

Automation to complete transactions Electronically Digital identity Texas should Incentivize technology companies who Whose Revenue model does not depend on The monetization of personal data or Whose Revenue model actively precludes Such data monetization to headquarter in Texas the legislature should further Study the best incentivization model to Achieve this purpose the work group Encourages the legislature to adopt a Resolution affirming the importance of Exploring a framework for self-sovereign Identity SSI that would allow for or Allow individuals to custody data about Themselves and decide when how and with Whom the data is shared now obviously This is extremely important and this is Something that we are working on Previously with a company called Tiki I'm going to be revisiting with them but The individual's right to own their data I think is is Paramount and has been Something that's been ignored in in Government policy for quite some time so I really like seeing this and the Implications as it surrounds blockchain Could be pretty significant with of Course things like smart contracts and So on and so I think that it it makes Sense that that would be a part of this In particular right This bill in particular the work group

Encourages the legislature to adopt a Resolution affirming the right of Texas Citizens to possess cryptocurrency on Their own account And to not be prohibited from the use of What is commonly if ineptly referred to As self-hosted wallets yes Yes Thank you yes Yes So good They obviously had some pretty hefty Like Hardcore fundamental Bitcoin Maxis Advising on this right but this is Important because when we talk about the Way That they will move forward with Essentially regulating cryptocurrency Here and what we've seen you know with Different companies pulling out of you Know like Japan with like coinbase and So on like that Is that a lot of the countries and Nation states that are moving into Hey Central Bank digital currency will Possibly let you still continue to trade But they will start removing the Possibility of you hosting it yourself And the reason for that is because they Want to track it in and out at all times Right and if you allow for self-hosting You allow for basically the ability for Somebody to trade and what is the

Equivalent of cash right and if you Trade in the equivalent of cash it is Harder to track and therefore it's Harder to tax among other things and More than likely of course what the Argument would be to violate your rights To basically transact without the Interference of a government or a bank Will be out of the concern of safety the Problem is is that you end up of course Introducing a a lot of Regulation that Does not necessarily respect the rights Of the individual or their financial Autonomy and so when we get into what States on an individual level can do This is along the right the right lines Right this isn't to me dissimilar from The ability for a state to choose Whether or not marijuana is legal right This is on the same kind of docket as That would be and states rights are very Important and should not be violated in My humble opinion and that allows for People to move freely between the states Into areas where they may be more Aligned politically right or with the Principles that they decide to live by So if you are you know more along the Lines of a Bitcoin Maxi or a fundamental Cryptocurrency participant that prefers You know the ideals of like not your Keys not your crypto and being able to Transact peer-to-peer without the Interference of a government or a bank

Then maybe Texas is where you want to be This is pretty awesome also DJ Minds Raid thank you good sir make sure you Guys go subscribe to DJ Minds over on YouTube a Bad mofo everybody that is Coming in make sure you pay attention to Of course what we're talking about today Which is the Texas Work group on Blockchain matters report and uh this Report obviously is giving suggestions To changes to Texas law uh the one that We are just talking about is the right For a citizen of Texas to own on their Own account right here Own and possess cryptocurrency on their Own account it shall not be prohibited From use and The self-hosted wallets shall not be Prohibited from use right So this is pretty awesome dude Um And thank you so much once again from DJ Minds I'm sure he's excited about this as well So Dallas this one's interesting so Dows Are getting getting a part in this They're getting uh talked about and I Think this is probably the first time That we've seen Anybody in government talk about Decentralized autonomous organizations At least in an official Outlet like this So this is interesting the legislature Should clarify business Enterprise law

To ensure decentralized autonomous Organizations enjoy a full range of Business entity formation options and Are not limited to a single option in Other words Texas should not create for Example A specialized version of the LLC Meaning Dows are going to be basically You will be able to file as whatever Form of current options there are for Your Dow so you want to have a limited You know an S corp under a limited Liability corporate or company like an LLC go for it The legislature should consider amending The business organization's code to Clarify that a company agreement of a Limited limited liability company is not Uh unenforceable merely because part or All of the agreement is written in Computer code That's really interesting as well So It will say that the company agreement So to clarify that accompanying Agreement of limited liability company Is not unenforceable merely because so You'll be able to enforce it Even though it's only written in Computer code The legislature should consider amending Business organization code to clarify That another suitable electronic Communication System may include an Electronic data system a loan or in

Combination with the other Technologies Listed in that section for the purposes Of holding meetings and voting So now you can you can essentially go to The point of being able to hold board Meetings and votes and all of that sort Of stuff completely purely within a dow And it will be recognized under Texas Law or at least that's how I understand It which is pretty bullish I think for Dowels in general in Texas this is Pretty cool Foreign Now education Texas should create a more Robust privacy protections for student Data clear disclosures of the practices Of data collectors and processors and a Reasonable range of opt out rights Including prioritizing student and Parent ownership of data In order to ensure maximum privacy of Student data and ensure the Prioritization of student and parent Ownership of said data Texas should Encourage education technology providers To use open technology standards for Student Records It's just I feel like Everything in here is like a Libertarian's dream come true it's like The the job of the government is being Done which is to provide basically to Protect the rights of the individual the

Rights the job of the government to you Know Obviously protect their rights yeah of The individual And uphold those rights And that's it while at the same time not Infringing on their rights to hold or Transact with cryptocurrency It gets even better too and the Texas Should create a severance tax abatement For natural gas that was once flared but Is now being consumed on site Texas Should incentivize controllable loads Like Bitcoin mining by lessening the tax Burden on the purchase of electricity When it is used to power a Bitcoin mine Or other large flexible load that Participates in ancillary services with The uh with ercot essentially so we Recommend this tax incentive be given Under the condition that a large Flexible load like a Bitcoin miner Participates in a new load category Within ercot called the large flexible Load category or they voluntarily agree To curtail their power usage anytime Physical responsiveness capacity PRC Dips to 3000 megawatts PRC now obviously Like a farm like mine's not going to be Big enough to capitalize on something Like that but I still think that giving The proper tax incentives to encourage The type of behavior that you want is a Pretty smart move

All right So Texas here's fun stuff Finance Texas Should Institute two-year retail Sac Sales tax holiday for direct Cryptocurrency point of sale payments For products and services subject to Reasonable value cap This is actually quite massive for Adoption within Texas because what this Means is potentially right you have Businesses that will adopt it to avoid Sales tax for the next two years I mean Obviously there will be some sort of Reasonable value cap but let's say You're a small coffee shop and you just Want to be able to start a new payment System and adopt something like Cryptocurrency for payment there's that Another thing that's really interesting When we start talking about you know the Fpga sales that I'm talking about coming Up with here shortly is there is Potential for us to be able to spin up a Cryptocurrency payment system for those Fpgas and not have to collect tax To the same extent which would give us a Chance to actually get the systems in Place and understand them without having To worry about Another burden on top of it so this is Really cool for adoption I think and I'm Definitely looking forward to seeing how This pans out the legislature should

Consider codifying established Cryptocurrencies with a large market cap Such as Bitcoin as an unauthorized Investment for the State of Texas pretty Cool and then Texas should take steps Necessary to make clear to the public That under existing law operating a Lightning network node does not make an Entity or individual a money service Business in Texas This should be a accomplished either by An appropriate Texas regulator issuing a Public statement or by enacting Legislation yes thank you this was a big One that obviously was was going to be a Problem for some time where they're Wanting to basically tell everybody that You know just for running a node you Were a money service business which is Ridiculous you're running a net you know You're running the network or a Peer-to-peer Network you're not actually Taking any profit off of it That's a huge one as well The legislature should consider Appropriate consumer protection related To different cryptocurrency lending Models the legislature should coordinate With the Texas Congressional Delegation To ensure that regulation at the federal Level level similarly differentiates Between the risk profiles of the Different lending models currently Offered Texas should create a statutory

Definition of a fully U.S dollar backed Audited stable coin that has the status Of money for all purposes including but Not limited to for permissible Investments under the Texas Money Services act now this one could go the Wrong direction It's really interesting though because It's basically a stable coin they're not Saying it like a central bank digital Currency for the State of Texas they're Saying a state of Texas backed uh Stablecoin which could be I mean Pretty amazing really uh at the end of The day I'm kind of Very interested in in seeing what that Is It does say the work group calls Attention to potential dangers of the Creation of a retail Central Bank Digital currency So they're like do a stable coin that's Audited and backed But don't do essential Bank digital Currency A cbdc that involves a direct Relationship between the Federal Reserve And consumers in the United States and Encourages the legislature to coordinate With the Texas Congressional Delegation To oppose such attempts Foreign Yes We have a state that's against Central

Bank digital currencies I'm glad I live here I got I gotta I Gotta be honest Government the legislature should direct State agencies with subject matter Expertise to develop best practices Or guidance related to finances and Leveraging blockchain Technologies Infrastructure best practices could Include defining blockchain benefits use Cases contractual language development Of a blockchain Innovation and or center Of excellence and education or Curriculum development the legislature Should direct the department of Information resources to develop a Decision model to assist agencies in Deciding if blockchain technology is Appropriate for infrastructure Consideration using a decision model to Assist the use case selection process Will save time and focus efforts to use To on use cases that provide the Greatest value to the organization and The legislature should consider Establishing an innovation Center within Dir or an independent organization as a Private public partnership official Record-keeping systems Texas should Encourage counties to consider piloting The integration of blockchain technology In the existing and registry system and Solicit an rfx request for proposal or Request request for offer rfo Etc on the

Use of blockchain technology to support Storage of real property records We're talking about estate Utilizing basically Smart contracts to Store property records Amazing To the extent that blockchain technology May lower costs and create efficiencies In a real estate transactions and title Research Texas should encourage private Actors such as title insurers to adopt New technologies Texas should consider Whether to use a blockchain based data Management system for UCC financing Statements and in connection with Adopting such a system should consider The elimination of paper filings So the Texas Work group on blockchain Matters charges uh the 87th Texas Legislature passed House Bill 1576 Creating a work group on blockchain Matters concerning Texas the bill Authored by the state representative tan Parker directed the work group to Develop a master plan for the expansion Of blockchain industry in this state and Recommend policies and state investments In connection with the blockchain Technology and required a report Including the master plan and any Findings or recommendations be submitted To the legislature this report is Submitted in compliance with the

Requirements of HB 1576 so the bill was To go through and have a report this is The report and the suggestions that Means that not any of these suggestions Are written in law right now currently That is my understanding Um it would go through a bunch of other Uh processes before it would go there But it does look like in my humble Opinion that all of these suggestions Are on point surprisingly directly on Point I don't think I found anything I Disagree with and usually you guys know I can find something to disagree with I do not see it here it's right on par With what I would say lines up Fundamentally with the principles of Cryptocurrency as put forth you know in The Bitcoin white paper and so on I mean Even to the point to where Um I believe in here they do talk about A talk about Satoshi Nakamoto they talk About the white paper what it means and The importance of cryptographic hashes So they address all of that right Um And It's it's uh it's simply Insane In the Words of wccf tech it's simply insane Thanks for checking out this clip from The crypto mining show you can check out The full episode here or more crypto Content down here also I'd like you to Check out my locals page at son of a

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