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Texas Governor Wants State to Lead in Crypto Adoption as it Did With Gold

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Texas Governor Wants State to Lead in Crypto Adoption as it Did With Gold

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With the recent Crypto law proposal, Texas emulates Wyoming with regards to Crypto Assets legislation in the hope of catching up on the trend, but experts detect a flaw in the Texas bill.

Sometime mid-March Nathaniel “Tan” Parker—Texas businessman and Representative—presented an amendment bill for the Texas Uniform Commercial Code, UCC.

The bill, House Bill 4474, is aimed at tweaking existing laws within the UCC to accommodate digital assets and Blockchain. This would lead to the official acknowledgment and acceptance of virtual assets under definite commercial legislation especially with respect to their definitions and management.

Speaking on the bill, CEO of Avanti Financial Group, Caitlin Long took to Twitter to commend the approach to adapt to emerging technologies by Texas.

Nonetheless, Long noted it’s patently likely to be problematic for lenders to enforce a lien on Bitcoin because, according to Long, HB 4474 does not define definite measures through which a lender can enforce such Crypto lien, stating that this could land BTC owners in a “lien mess in the US”.

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Addressing the issue, the head of the Texas Blockchain Council, Lee Bratcher mentioned that in the midst of these concerns, the bill could be amended further to address the problems pointed out. 

Texas has begun the race to catch up with Wyoming with this proposal as well as with other moves like the launching of the Texas Blockchain Council—a group with a mission of making Texas a leader in Blockchain innovation.

Taking to Twitter, Greg Abbott, Governor of Texas, expressed Texas’ desire to lead in the Blockchain industry, stating, “Count me in as a crypto law proposal supporter. It is increasingly being used for transactions and is beginning to go mainstream as an investment. […] Texas should lead on this like we did with a gold depository.”

Quoting Abbott’s tweet with a reply, Wyoming senator Cynthia Lummis said, ‘”Texas chases after Wyoming…” Welcome to the future, friends.’

Recall that Wyoming, as far back as 2019, enacted a total of 13 laws aimed at recognizing and regulating cryptocurrencies in the state. The state has been at the forefront in the race to adopt virtual assets, enacting favorable laws that have made the management of virtual assets seamless and secure for its citizens. 

Now while Texas’ recent Crypto proposal aims to mimic Wyoming’s, Wyoming’s laws were commended by Caitlin Long because they worked where Texas’ laws failed in the area of addressing crypto liens for lenders.

Lee Bratcher clearly noted, “We are working to produce a framework that moves in the same direction as Wyoming, and we will be following up with additional legislation in the future” while speaking on the lien issue.

While there have been laws in several U.S. states regulating cryptocurrencies, Wyoming has so far been the haven for Cryptocurrency companies, setting an example for other states to follow, with Texas following in the trail.

With Bratcher’s promise for additional legislation, we watch to see how well Texas will fare in the industry as compared to Wyoming.



DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/texas-governor-wants-state-to-lead-in-crypto-adoption-as-it-did-with-gold/

Blockchain

SWFT Blockchain (SWFTC) is now available on Binance Smart Chain and Huobi ECO Chain

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SWFT Blockchain, a cross-chain cryptocurrency transfer protocol, announced today that the ecosystem’s native token SWFTC is now not only available as an ERC-20 token, but also as a BEP-20 token on Binance Smart Chain (BSC) and as an HRC-20 token on Huobi ECO Chain (HECO).

Details about SWFTC on the respective chains:

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Source: https://www.cryptoninjas.net/2021/04/16/swft-blockchain-swftc-is-now-available-on-binance-smart-chain-and-huobi-eco-chain/

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Blockchain

Our Man in Shanghai: Coinbase listing scorned, graphics cards seized, nostalgia coins rule

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It was a relatively quiet week in China’s blockchain space as events were overshadowed by the surge in the BTC price and the Coinbase direct listing in the U.S. Many locals reacted with surprise to the news, showing that exposure to cryptocurrencies is still relatively isolated in the world’s most populous country.

Many netizens responded skeptically to the Coinbase story, with news aggregation account “Jiemian” on Weibo calling Bitcoin a scam, highlighting its connection to terrorists, and encouraging investors to stick to China’s A-shares. (For a quick comparison, the Shanghai composite index is down 2.13% this year, while Bitcoin has a YTD return of over 116%.) Jiemian has over 10 million followers on Weibo, but caters to a more traditional audience. The takeaway here is that despite China’s aggressive adoption of DCEP (Digital Currency Electronic Payment, also known as the digital yuan), other digital payments, and internet technology, cryptocurrency acceptance remains relatively isolated.

Some experts on China’s blockchain industry spoke to Cointelegraph regarding DCEP on April 10th, discussing how the digital yuan has affected the space. Kevin Shao, co-founder of Bitrise Capital, summed up the situation by stating that “overall, China’s digital currency still serves the central bank’s monetary policy and monetary functions.” It’s safe to say that the rapid DCEP advancement has little cross-over with the country’s active blockchain space, and probably will remain independent for the foreseeable future.

While all that was going on, volumes were spiking on cryptocurrency exchanges around the world. Huobi, China’s largest exchange by liquidity, experienced a wave of trading on more established tokens. The top seven most traded on Thursday were BTC, DOGE, ETH, XRP, FIL, TRX and BCH. All of these projects have roots in previous bull runs, showing that nostalgia is not lost on Chinese investors.

Graphics cards seized by Hong Kong Customs

Customs in Hong Kong have busted a smuggling operation involving nearly 300 graphics cards, which are suspected to be Nvidia CMP 30HX models and worth about 2 million RMB, or $300,000. There were no labels on the front of the graphics cards, and this particular model comes without a video output port, and is built exclusively for cryptocurrency mining. According to a source, this is the first time that Hong Kong Customs has seized graphics cards smuggled for the purpose of mining.

The state of media blockchain content

Finally, in policy news, The State Administration of Radio, Film and Television issued standards for blockchain-related media content. The standard system is intended to promote healthy and sustainable content pertaining to the use of blockchain in industries such as auditing systems, business processes, food safety and management. The State Administration is very proactive with its standards, detailing how technologies, trends, and other themes should be portrayed in the media.

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/our-man-in-shanghai-coinbase-listing-scorned-graphics-cards-seized-nostalgia-coins-rule

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Blockchain

Rothschild Investment Corp snaps up quarter of a million shares in Grayscale ETH Trust

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Chicago-based financial institution Rothschild Investment Corp, has acquired 265,302 shares in Grayscale’s ETH trust, according to a filing on April 15 with the United States Securities Commission or SEC.

The firm also added more Grayscale Bitcoin trust shares to its holdings, with the latest SEC filing revealing that it increased its tally from 30,454 in January up to 38,346 this month.

Rothschild Investment has been accumulating GBTC since 2017, and the latest filing shows the firm’s appetite for crypto exposure is not slowing down. Ether proponent Ryan Adams, the founder of crypto investment firm Mythos Capital and Bankless, commented on the latest move noting that “BTC is the gateway drug to ETH.”

The brokerage firm’s history spans back to 1908, and it has been investing in crypto for a relatively long time when compared to the mass inflow of institutions who have swooped in during the past 12 months. An SEC filing showed that the firm owned $210,000 worth of GBTC in July 2017, when BTC was priced around $2000.

Founding members Monroe Rothschild and brother in-law Samuel Karger reportedly have no relation to the famed Rothschild family dynasty, much to the confusion of the crypto community despite the New York Times publishing an article that clarified the situation in 1995.

Grayscale is the leading U.S. digital asset manager that offers institutional exposure to crypto, the firm holds roughly 660,000 BTC, which accounts for 3.5% of BTC in circulation.

The firm revealed yesterday that its total assets under management has now reached $50.6 billion, its ETH trust, or ETHE, is now up to more than $7 billion worth of AUM, with its shares currently trading at around $24. GTBC has surpassed $41 billion in AUM, and shares are trading at around $59.

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Source: https://cointelegraph.com/news/rothschild-investment-corp-snaps-up-quarter-of-a-million-shares-in-grayscale-eth-trust

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