Texas Work Group on Blockchain Matters Releases 2022 Legislative Report and Master Plan
AUSTIN – The Texas Work Group on Blockchain Matters today released its report and proposed master plan to expand the blockchain industry in Texas in compliance with House Bill 1576, passed by the 87th Texas Legislature.
The 84-page report examines the current blockchain industry in Texas, reviews the state’s current academic, educational, and workforce needs required to grow the industry, and identifies areas for economic growth and development opportunities presented by blockchain technology. The report contains legislative and policy recommendations aimed at encouraging the industry’s expansion and establishing regulatory and legal clarity to establish Texas as a leader in the blockchain technology and cryptocurrency space.
“I am extremely proud of the hard work and dedication that the members of the Texas Blockchain Work Group dedicated to this report. This report reflects a wide range of critical and creative thinking, and a deep research dive into the many issues it covers,” said Carla Reyes, an Assistant Professor of Law at SMU Dedman School of Law, whom Governor Greg Abbott appointed to chair the Work Group. “We applaud the foresight of the Texas Legislature in recognizing the importance of the Blockchain industry in Texas and creating the Work Group.”
The Governor appointees to the 16-member Work Group include: Reyes, William Henning, Jennifer Buaas, and Dan Teczar. Lt. Governor Dan Patrick appointed Sen. Angela Paxton, Claire Barber, Christopher Calicott, Patrick Hatfield, Jason Kelley, and Robert Villaseñor. Texas House Speaker Dade Phelan appointees include Rep. Tan Parker, Lee Bratcher, Cesare Fracassi, Natalie Smolenski, Peter Vogel, and Grant Weston. HB 1576 also required the Texas Department of Information Resources (DIR) to provide administrative support to the work group.
The Work Group divided into subcommittees focused on the following areas of study: commercial contracts, digital identity, decentralized autonomous organizations (DAOs), education, energy, finance, government, and official record keeping.
In developing the master plan and recommendations, the group met monthly, held two public hearings, conducted research, and consulted subject matter experts over the past year.