Pro-Bitcoin legislation triumphs in Texas this year as legislative session ends

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Bitcoin policy advocates have celebrated several victories in recent quarters, including the success of Texas SB 1929, a pro-mining bill, and the defeat of Texas SB 1751, an anti-mining bill. Pierre Rocherd, Vice President of Research at Riot Platforms thanked To everyone involved, “Texas will remain #Bitcoin country!”

These legislative outcomes will contribute to the growth and sustainability of bitcoin mining operations in Texas. as Brian Morgenstern, head of public policy at Riot Platforms informed ofSB 1751 did not pass, ensuring the state’s use of the flexibility bitcoin miners have in balancing and stabilizing the power grid.

In contrast, SB 1929 passed successfully, establishing a registration process for bitcoin miners to share information with ERCOT, increasing transparency and grid reliability. Additionally, HB 591 was approved, which provides a tax incentive for the use of gas that would otherwise be flared into the atmosphere for on-site bitcoin mining, promoting emissions reduction.

Another important development was the passage of HB 1666, which introduced a proof-of-reserve regime, establishing Texas as a leader in building trust within the digital asset ecosystem. According to Morgenstern, these legislative achievements reflect a collaborative effort by various stakeholders and industry participants, including Riot Platform, the Texas Blockchain Council, and the Chamber of Digital Commerce.

In addition to these developments, shares of public miners were also buoyed by news that a US debt ceiling deal could be finalized soon, and would include President Joe Biden’s proposed 30% cap on energy used for bitcoin mining. Taxes not included.

While these successes mark important milestones, advocates acknowledge that their work is far from over. But the bitcoin community remains optimistic about the future and the continued growth of the industry, with the positive results achieved in Texas during this legislative session setting a favorable example for bitcoin-related policies and innovation in the United States.