Written By: Kenichi Yamaguchi | June 3 2021
On May 28, the Texas Senate passed a new legislation regarding cryptocurrency trading and guidelines for Texan businesses to be involved in creating cryptocurrency portfolios. This legislation will now go to the Governor’s office to officially be signed into the State law. Thus, about 25 states in the country now have laws and regulations regarding cryptocurrency, marking a milestone for the blockchain industry.
(Source: Bitcoin News)
With more people starting to find interests and enthusiasm in this new financial world, people often turn toward global crypto hotspots like Malta, South Africa, the Philippines, and even Toronto. Yet, the U.S. hasn’t established a hotspot — in other words, a place where all enthusiasts can go and gather to talk, learn, and explore the industry.
Earlier in April, Florida hosted one of the biggest cryptocurrency conferences in the country, and the first after the pandemic — the Miami Crypto Experience. The conference set a cornerstone in developing Miami into a crypto hub for a lot of enthusiasts and educators. Miami’s Mayor Francis Suarez has been pushing the development and utilization of cryptocurrency in the city since the beginning of this year. For instance, Miami is suggesting cryptocurrency payments in taxes, city investment funds, and other governmental funds. With the support of the government, many businesses, including retail shops, have started to establish many ways in incorporating crypto into Floridian’s daily lives. Currently, many retail companies even offer options to purchase with cryptos like Bitcoin, and many nightclubs have also started implementing prizes and incentives with virtual currency as well.
With more and more news surface using blockchain technology — For example, the first NFT Porsche was sold at Miami Crypto Experience, Texas man buying a Lamborghini with Litecoin — all directions point at the future usage of cryptocurrency. It seems as though, ironically, many Republican politicians are more keen with the idea of cryptocurrency utilization. However, it doesn’t take long to figure out why. With current loose regulations on crypto investments, it is a huge advantage for corporations and public companies to use crypto as a virtual asset for companies’ financial loophole in tax avoidance. Even with regulations in place, many of the legislations have only justified the usage and definition of virtual assets, with no strict regulations on how to implement or regulate it. This brings many companies’ interests with eagerness to jump into crypto and find the solutions in the best financial interests for each other. For regular citizens, it is also worth watching big tycoons’ actions and movements in the industry to analyze and calculate the next steps of personal investments.
Texas might be the next “sleeping giant”. But as of right now, Miami is booming with their crypto enthusiasm, and it definitely helps when it is surrounded with beach, sunlight, booze, and cigars. Regardless, it is exciting for the industry to see the American government involved in the implementation of cryptocurrency. It is finally time to jump on the train with the rest of the world.
7939. “Texas Senate Passes Crypto Bill, Goes to the Governor to Be Signed into Law: Finance Magnates.” Finance Magnates | Financial and Business News, Finance Magnates, 28 May 2021, www.financemagnates.com/cryptocurrency/regulation/texas-senate-passes-crypto-bill-goes-to-the-governor-to-be-signed-into-law/.
Cormack, Rachel. “This Artist Teamed With Rick Ross to Create a Kaleidoscopic Porsche. Now the 911 and Its NFT Can Be Yours.” Robb Report, Robb Report, 26 May 2021, robbreport.com/motors/cars/rich-caliente-rick-ross-porsche-911-nft-1234615691/.
Sorkin, Andrew Ross, et al. “Miami Wants to Be the Hub for Bitcoin.” The New York Times, The New York Times, 23 Mar. 2021, www.nytimes.com/2021/03/23/business/dealbook/miami-suarez-crypto.html.
“Texas Man Buys Lamborghini in Gower with Cryptocurrency.” KQTV News, www.kq2.com/content/news/Texas-man-buys-Lamborghini-in-Gower-with-cryptocurrency–574366391.html.