Late Sunday night Texas Governor Greg Abbott tweeted his support of a pro-cryptocurrency bill that is making its way through the Texas legislative process! This is huge news and the Governor can use his immense soft and hard powers to help pass this bill and ensure Texas creates a favorable regulatory environment for the growing crypto and blockchain industry.
Governor Gregg Abbott references the work Texas previously did creating the Texas Bullion Depository, the first ever state-level facility of its kind in the United States to store precious metals, and it is currently open for business. The state of Texas, state agencies and Texas citizens can store gold bullion and other precious metals at the Texas Bullion Depository for a fee.
“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.”
– Texas Governor Greg Abbott
I previously asked if the Texas Bullion Depository would be allowed to hold Texan’s cryptocurrencies like Bitcoin and Ether in a secure cold storage environment, maybe now that Governor Abbott is in support of crypto currency he will support this change too?
Precious metal holders face similar challenges as cryptocurrencies hodlers, like securely storing assets in a safe and accessible manner, let alone acquiring insurance for said holdings. The Texas Bullion Depository solves these problems for precious metals, can it do the same for cryptocurrencies? In the future the Texas Bullion Depository could serve as a depository for cold storage of cryptocurrencies, taking advantage of its built in security and accessibility, and potentially even insurance coverage. The Depository was created by HB 483 by Rep. Giovanni Capriglione (R – Southlake) during the 84th Legislative session, so in a future legislative session the Texas Legislature could amend the law to allow for the cold storage of cryptocurrencies
Back in 2015 Governor Abbott’s political campaign accepted Bitcoin donations.