Bill Text: TX HB4517 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the creation of a work group on blockchain matters concerning this state.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2019-04-29 - Committee report sent to Calendars [HB4517 Detail]
Download: Texas-2019-HB4517-Introduced.html
Bill Title: Relating to the creation of a work group on blockchain matters concerning this state.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2019-04-29 - Committee report sent to Calendars [HB4517 Detail]
Download: Texas-2019-HB4517-Introduced.html
By: Parker | H.B. No. 4517 |
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relating to the establishment of the Texas blockchain working | ||
group. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
Whereas, blockchain technology is a critically important | ||
development in commerce and finance, and in recognition of the | ||
importance of Texas as a center of technology and commerce, the | ||
Legislature deems it important to the future of this State to | ||
develop and recommend policies for the blockchain industry and to | ||
create appropriate legal infrastructure for transactions based | ||
upon blockchain, including digital assets and virtual currencies; | ||
and | ||
Whereas, to further the blockchain industry and to develop | ||
appropriate legislation for transactions using blockchain, | ||
including but not limited to, digital assets, virtual currency, and | ||
the integration of smart contracts, the Legislature desires to | ||
establish a working group to develop a master plan for expansion of | ||
the blockchain industry, Therefore, | ||
Section | ||
1. There is established a working group to develop a | ||
master plan for fostering the expansion of the blockchain industry | ||
in the state and recommend policies and state investments to make | ||
Texas a leader in blockchain technology. Such a master plan shall: | ||
(1) Identify the economic growth and development opportunities | ||
presented by blockchain technology; (2) assess the existing | ||
blockchain industry in the state; (3) review workforce needs and | ||
academic programs required to build blockchain expertise across all | ||
relevant industries; and (4) make legislative recommendations that | ||
will help promote innovation and economic growth by reducing | ||
barriers to and expediting the expansion of the state's blockchain | ||
industry. | ||
(b) Appointments to the working group shall include, but | ||
need not be limited to, (1) not fewer than ten public members who | ||
have knowledge and experience in blockchain technology or represent | ||
an industry that could benefit from blockchain technology, and (2) | ||
not fewer than two members representing institutions of higher | ||
education in the state. All appointments to the working group shall | ||
be made not later than thirty days after the enactment of this | ||
legislation | ||
(c) The work group shall be co-chaired by a member of the | ||
House appointed by the Speaker of the House and a member of the | ||
Senate appointed by the Lieutenant Governor and by a public member | ||
appointed by the Governor who shall serve as Chair. The Speaker of | ||
the House shall appoint five public members and the Lt. Governor | ||
shall appoint 5 public members. The Governor shall appoint the | ||
members representing institutions of higher education. The | ||
chairperson shall schedule the first meeting of the working group, | ||
which shall be held not later than November 1, 2019. The working | ||
group shall meet at such other times as the chairperson deems | ||
necessary. | ||
(d) Not later than December 1, 2020, the working group shall | ||
submit a report on its findings and recommendations to the | ||
Legislature. | ||
Section 2. This Act takes effect on September 1, 2019. |