Texas closed its regular legislative session Monday, leaving crypto bills in limbo for potentially 19 months.
Texas is one of four states on a biennial legislature schedule, meaning state lawmakers only meet for regular sessions every other year. The next regular session is scheduled for Jan. 14, 2025.
A Texas Senate bill aimed to nix tax breaks for miners and crack down on energy usage is one of the legislative matters left unresolved. The Senate passed the bill unanimously in early April before it was referred to committee in the House. The House did not vote on it before closing the session.
The Senate Bill, number 1751, was sponsored by three Republican state senators and drew criticism from crypto advocates in the area.
Kristine Cranley, director of business development at Texas Blockchain Council, said in an April 1 tweet the bill placed an “arbitrary cap” on miners, causing the cost of grid stabilizing services to increase.
A second crypto bill made it further in the legislative process, but still has yet to become law. House Bill 1666, which would require exchanges to hold reserves high enough to at least cover any obligations to customers, passed the House in April and the Senate in May.
It was sent to Governor Greg Abbott on May 22. Abbott has 20 days to sign or veto, if no action is taken the bill becomes law without a signature.
Crypto-related policies are not the only bills lawmakers failed to finalize before Monday’s deadline. High-profile proposals to use a budget surplus to fund property tax cuts and ramp up border security also did not make it over the finish line.
Governor Abbott has the power to reconvene lawmakers for a Special Session, which he did late Monday evening to focus on property tax and border security policy.
“Many critical items remain that must be passed,” Abbott said in a izjava Ponedjeljak.
Abbott did not mention any crypto policy in his Monday statement opening the Special Session, although further gatherings could be called before January 2025.
After the close of the regular session in 2021, Abbott called for three special sessions, each lasting around 30 days, which is the max for special sessions, and intended to address between 10 and 20 topics.
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Source: https://blockworks.co/news/texas-closes-legislative-session