- New Hampshire’s Commission On Cryptocurrencies And Digital Assets has recommended that the state review how bitcoin mining operations might be integrated into a statewide energy plan.
- Texas recently released a report recommending making bitcoin an authorized investment for the state and giving tax incentives to local BTC miners.
- Regulation is necessary to protect consumers in this market.
Background on New Hampshire’s Commission on Cryptocurrencies and Digital Assets
New Hampshire Governor Chris Sununu created the Commission via executive order back in February 2022, which in part read that “the State of New Hampshire should continue to be an active proponent of financial services innovation and should remain an excellent jurisdiction to attract the highest quality banking and financial businesses and the well-paying jobs they offered to our citizens.” The commission has since returned results that suggest the NH Department of Energy create a public review of how bitcoin mining operations might be integrated into a statewide energy plan. The commission cites “positive impacts for the electricity system, including contributing to a more stable electricity grid, more sustainable generation projects, and lower costs for consumers generally,” as reasoning for this recommendation.
Findings from Texas Work Group on Blockchain Matters
A couple of months ago, Texas released a report titled “Texas Work Group On Blockchain Matters.” Directed at members of their legislature, it recommended making bitcoin an authorized investment for the state while giving tax incentives to local BTC miners. Both reports conclude that further research into Bitcoin is necessary, and indicate that American states are increasingly considering the benefits of embracing bitcoin. Also indicated in both reports was the necessity for regulation to protect consumers.
States like New Hampshire and Texas could end up leading the way for Bitcoin adoption in the U.S. if they decide to follow such recommendations. It is important for Bitcoiners who have ties to state legislature or are in the Bitcoin ecosystem to advocate for continued inquiry into how states can integrate the technology, as states are often much more nimble in their ability to adopt new technologies when compared to the federal government.
“Well Regulated” Market Necessary For Consumer Protection
The New Hampshire Bureau of Securities Regulation wrote in appendix B that “A well regulated cryptocurrency market provides consumer protection, and trust in the market which is a boon to investors, general public ,and businesses alike.” What has become increasingly clear over past several years is that cryptocurrency has a role in securities regulation – thus regulation is necessary protect consumers within this market as well.