Community Protests Texas Crypto Mining Bill

  • Sergey Maga
  • 26 April, 2023 13:29
Community Protests Texas Crypto Mining Bill

Around 100 individuals gathered at the Texas Capitol in Austin on April 25 to voice their opposition against SB 1751, a bill that aims to impose restrictions on the state’s crypto mining industry. The protest was organized by crypto advocacy groups including the Chamber of Digital Commerce, Satoshi Action Fund, and Texas Blockchain Council.

SB 1751 has already passed the Texas Senate Committee on Business and Commerce and the full Texas Senate. The House of Representatives conducted its first reading of the bill on April 24 and then forwarded it to the Committee on State Affairs. If enacted, the legislation would cap incentives for crypto mining firms at 10% and remove certain tax abatements for companies operating data centers starting in September 2023.

Perianne Boring, CEO of the Chamber of Digital Commerce, suggested that the real issue behind the mining debates is «controlling energy use.» She emphasized that it’s not about environmental concerns, but rather a way for regulators to control who can purchase power and how it can be used in a free society.

Satoshi Action Fund CEO Dennis Porter warned that if the bill becomes law, it could discourage investors from entering the state and hinder the growth of Bitcoin mining. He stressed the need for policies that address bad actors without stifling innovation in the industry.

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