Texas Legislative Session Ends Without Resolution

Without action on the bill, crypto companies will likely continue to enjoy certain benefits from operating in Texas.

Texas Legislative Session Ends Without Resolution
Texas Legislative Session Ends Without Resolution

On May 29, the 88th legislative session of the Texas state government will conclude without a resolution to several bills affecting aspects of the digital asset space.

Senate Bill 1751 was referred to the Committee on State Affairs on April 24 after passage in the state Senate, according to legislative records.

The bill seeks to amend sections of Texas’ utilities and tax codes to impose restrictions on crypto mining companies, provoking criticism from digital asset advocates.

At the time of publication, there was no movement on S.B. 1751, so it is unlikely that lawmakers will be able to address the bill until the next regular session, which will begin in January 2025.

Incentives for crypto mining companies participating in a program to compensate them for load reductions on the Texas power grid would be capped at 10% under the proposed legislation.

Without action on the bill, crypto companies will likely continue to enjoy certain benefits from operating in Texas.

Both chambers of the Texas Legislature have already passed two other crypto-related bills and are awaiting approval or veto from Governor Greg Abbott.

In Texas, unless the governor actively vetoes them, statements that make it through the legislature and to Abbott’s desk automatically become law.

On May 15, the Texas Senate passed House Bill 1666. The proof-of-reserves bill required exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” and to report their liabilities to the Texas Department of Banking.

On May 10, legislators also passed House Bill 591, which permits Bitcoin miners in Texas to use flare gas emissions to power their operations.

Both bills are awaiting Abbott’s implicit or explicit approval or veto.

Abbott has a 10-day window to veto legislation he opposes under Texas law, but this window expands to 20 days if bills are sent to his desk within ten days of the end of the regular session.

This suggests that H.B. 591 is likely already state law, whereas Abbott has until mid-June to act on H.B. 1666.

The governor of Texas has previously described himself as a “crypto law proposal supporter,” but he has not indicated what he will do in response to the recent legislation.

The Memorial Day holiday may also extend the allotted time, allowing Abbott to legally sign the two bills.

Numerous mining companies operate in Texas, prompting federal criticism from anti-crypto lawmakers over energy consumption and environmental concerns.

Legislators in the state have also advanced legislation to amend the Texas Bill of Rights to enshrine the right of residents to possess, hold, and use digital currencies.

On May 11, the bill was assigned to the Senate Committee on Business and Commerce.


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