Texas Senate Committee on Business and Commerce has approved a motion to eliminate miner-based rewards working in the state’s crypto-friendly regulatory environment, as stated by Cointelegraph.
According to Cointelegraph, through an April 4, 2023, session, Texas lawmakers were allowed to go ahead with a 10-0 vote on Senate Bill 1751, brought forward by Lois Kolkhorst, the state Senator. It’s believed that context of the proposed legislation would discontinue areas relating to Texas’ utilities and tax code for crypto mining-based limitations.
Based on information by Cointelegraph, crypto firms involved with a compensatory program for load reductions on Texas’ power grid would be capped for need of “less than 10 percent of the total load required by all loads in the program.” Reportedly, specific crypto mining companies also wouldn’t get an abatement on state taxes for taking part in the program beginning in September, 2023. Dennis Porter, CEO, Satoshi Action Fund, stated that alterations to state’s code would remove crypto mining-oriented incentives to give birth to jobs in Texas’ rural areas.
Moreover, Cointelegraph noted that Texas has become a crypto hub because of its reportedly light regulatory regime and because of China prohibiting cryptocurrencies. Sources suggest that Senate Bill 1751 will shift to Texas state Senate for a floor vote.
(With insights from Cointelegraph)