Unresolved Crypto Bills Hang in Balance as Texas Legislative Session Ends

Despite closing its 88th legislative session, Texas lawmakers did not pass several key bills impacting the digital asset sector. Senate Bill 1751, which suggests limiting cryptocurrency mining companies, remains untouched. As a result, uncertainty looms for crypto enthusiasts. Without new measures, cryptocurrency companies will operate under existing regulations until the next regular session in January 2025.

Interestingly, two crypto-related bills passed both chambers of Texas’s legislature. Now, these bills await Governor Greg Abbott’s approval or veto. Senate Bill 1666, or the Proof of Reserves bill, mandates cryptocurrency exchanges to maintain adequate reserves and provide liability reports.

Moreover, House Bill 591 permits Bitcoin miners to use flared natural gas. Thus, these bills could become law if Governor Abbott does not veto them. Particularly, Governor Abbott has a 20-day window to veto bills, especially those reaching his desk within ten days post-session. Consequently, H.B. 591 could already be law, while H.B. 1666 awaits adoption until mid-June.

Even though lawmakers have yet to pass S.B. 1751, Texas remains a hotbed for cryptocurrency mining firms. However, this has led to concerns over energy consumption and environmental issues. Also, there’s a legislative initiative to amend the Texas Bill of Rights to protect residents’ rights to own and use digital currencies.

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