The 2022 Texas governor elections have turned into a fight between numerous contenders pledging Bitcoin (BTC) adoption. Republicans Don Huffines, Allen West, and current governor Greg Abbott have all stepped forwards to give voters plans such as making Bitcoin legal tender, employing Bitcoin mining to bolster the electrical system, leading the globe in leveraging Bitcoin infrastructure, and more.
The Guarantees
Following Arizona’s major news about the introduction of a law to make Bitcoin legal tender, Texas governor contenders aren’t far behind.
Since crypto miners from China and Kazakhstan were enticed to the ‘Lone Star State’ when their operations were outlawed or prohibited in these countries, Texas has been highly interested in becoming the capital of crypto mining.
Concerns have been raised about the energy consumption of crypto mining activity in Texas, but the state’s current governor, Greg Abbott, has defended the operations, claiming that “the miners’ computer arrays would demand so much electricity that someone would come along and build more power plants, something Texas desperately needs.”
Abbot has also claimed that during times of necessity, like as winter storms, miners may voluntarily shut down operations in order to conserve electricity for homes and businesses.
Aside from attempting to make Texas the primary destination for crypto miners, the governor, and Republican lawmakers have made several efforts to develop the crypto-related industry and adoption in the state through anti-regulatory legislation.
Governor Abbott signed the “Texas Virtual Currency Bill” (TVCB) into law on June 15, 2021, which according to Freeman Law:
“(1) recognizes the legal status of virtual currency, (2) regulates cryptocurrency under the commercial laws of Texas, and (3) provides cryptocurrency holders with legal rights. Therefore, the TVCA makes cryptocurrency safer for investors by legally recognizing virtual currency, subjecting cryptocurrency firms to commercial regulations, and by supplying token investors with legal rights to their investments.”
On the candidate’s side, Don Huffines recently stated that he believes in BTC “in both its value as an asset and potential as a currency,” adding that Texas must assume the lead role in America’s digital coin legislation and cryptocurrency adoption. He claims to be dedicated to transforming Texas into a “Citadel for Bitcoin” and safeguarding the business “against the federal government.”
Huffines’ Bitcoin policy plan claims that if elected, he will make bitcoin legal tender in Texas, work on a more robust and reliable energy grid, prohibit localities from regulating BTC miners and holders, protect Texas-based Bitcoin and crypto owners and miners from federal regulations, and make other appealing promises that the candidate fails to explain how he would achieve.
Then, candidate Allen West issued a statement in which he stated that if elected, he will “continue to safeguard its residents’ ability to own, employ, and exploit blockchain technologies through the ownership of Bitcoin and other cryptocurrencies.”
He believes that with the introduction of cryptocurrency, Texas will see the greatest rush of creativity since the oil boom. West is the third candidate to endorse the notion that “Texas will lead the world in utilising Bitcoin,” and that NFTs “will also transform trade.”
“Utilizing blockchain, Bitcoin has become the “gold standard” of digital currency and removed the traditional boundaries created by banking regulations that require countless unnecessary human interactions. […] The result has been massive wealth creation and the beginning of an enormous job creation wave because of this technology.”
Aside from Bitcoin
It is also critical to understand what additional policies these three lone stars have incorporated in their proposals. They cover very similar subjects in very similar presentations.
All three are anti-abortion, anti-vaccine, and believe that “it is time for Texas to step up, stop the invasion, and defend [its] residents,” referring to building the wall, “securing” the border, and so on.
The Huffines plan also includes regulations to discourage Chinese people from enrolling in Texas schools and institutions in order to recognise China as “America’s top geopolitical danger.” It’s unclear whether it’s acceptable for Chinese residents to continue crypto mining in the state.
Overall, they guarantee a state with a high level of freedom for all citizens. No, only the individuals these candidates like. Women, not so. Not all [or even most] immigrants.
