Texas Republican Representative Phil Stephenson introduced a bill requiring Texans to identify themselves before using crypto assets such as bitcoin.
In Texas House Bill 37 4371, Stevenson has taken institutionalization of digital currencies to a new level. Its bill recognizes blockchain technology as a tool that enables users to form financial alliances.
To stop this, the legislature suggested Texas teach its law enforcement officers about digital currencies and promote the use of digital currencies on a certified identity.
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With HB 4371, a Stephenson spokesman may believe that they are on the right course of crypto regulation. If all users of cryptocurrencies agree to register their digital currency identity, they will form a bank-type financial system that provides greater stability and acceptance in the cryptocurrency space.
But despite the generosity, Rep. Stephenson has not responded to exactly how he will apply the law in his bill.
To start with the first problem, HB 4371 requires Texans to be in their best heartfelt avatar. The bill requires them to register their digital currency with the government. It’s like asking Redditor to give up on the anonymity they love productively because it allows them to say whatever they want on social media.