By: Parker H.B. No. 4517
A BILL TO BE ENTITLED
AN ACT
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.