Texas Republican Rep. Phil Stephenson has introduced a bill-draft that would require Texans to identify themselves before they use crypto assets like bitcoin.
In Texas House Bill No 4371, Stephenson took the institutionalization of digital currencies to an altogether new level. His bill recognized the blockchain technology as a tool that enables users to create financial aliases.
And, to stop that from happening, the lawmaker proposed that Texas educate its law enforcement agencies on digital currencies and promote the use of verified identity digital currencies.
Congratulations #Texas, you’re the first state to formally attack and attempt to ban anonymous use of #cryptocurrency in the US. https://t.co/KHaPgQiq5H
— Drew Hinkes (@propelforward) March 10, 2019
If enforced, HB 4371 would make a digital currency transaction illegal if the involved sender and receiver are now known to each other. The bill would encourage state departments of banking, securities boards, and others to provide tools to users to distinguish between verified and unverified crypto users. Excerpts:
“[Texas] may not use a digital currency that is not a verified identity digital currency — The Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety, and State Securities Board shall collaborate to encourage the use of verified identity digital currencies.”
Deep Impact or Fizzling Firecracker
With HB 4371, Rep Stephenson might believe that they are on the right course of crypto regulation. If all the cryptocurrency users agree to register their digital currency identities, it will
Discussion about this post