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The Texas Senate Business and Commerce Committee has passed legislation that would largely remove incentives for miners operating within the state’s crypto-friendly regulatory environment.
In a committee session on April 4, Texas lawmakers agreed to move forward in a 10-0 vote on Senate Bill 1751 first introduced by Senator State Lois Kolkhorst. The proposed legislation would amend sections of the Texas Utilities Code and Tax Code to add restrictions on crypto-mining facilities.
Under the bill, crypto firms participating in a program to compensate them for load reductions on the Texas power grid would be capped for anticipated demand of less than 10% of the total load required by all loads in the program. Some crypto mining companies would also not receive a state tax abatement for participating in the program starting in September.
According to Bitcoin (BTC) mining attorney Dennis Porter, CEO of the Satoshi Action Fund, the changes to state code would effectively eliminate incentives for crypto miners to create jobs in rural Texas. He claimed lawmakers on the committee were swayed by the influence of the powerful sponsor of the bill, likely referring to Senator Kolkhorst.
BREAKING: The anti-#Bitcoin mining bill in Texas just passed the Senate committee unchallenged, without a single vote in opposition.
Dennis Porter (@Dennis_Porter_) April 4, 2023
Related: Bitcoin Mining Lawyer Goes State to State to Educate US Lawmakers
Texas has become something of a beacon for crypto miners due to its seemingly loose regulatory regime and following the widely banned practice in China. Crypto has been recognized as part of the state’s commercial code since 2021, and Governor Greg Abbott, re-elected for another four-year term in November, has already called himself a supporter of the proposed crypto law. in the state.
Senate Bill 1751 will likely then go to the Texas State Senate for a floor vote.
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