| 12 | | - | SECTION 1. (a) In this section: |
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| 13 | | - | (1) "Blockchain" includes digital assets, virtual |
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| 14 | | - | currency, and the integration of smart contracts. |
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| 15 | | - | (2) "Work group" means the work group on blockchain |
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| 16 | | - | matters established under this section. |
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| 17 | | - | (b) The work group on blockchain matters is composed of the |
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| 18 | | - | following 14 members: |
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| 19 | | - | (1) one member of the house of representatives |
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| 20 | | - | appointed by the speaker of the house of representatives; |
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| 21 | | - | (2) one member of the senate appointed by the |
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| 22 | | - | lieutenant governor; |
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| 23 | | - | (3) two members representing institutions of higher |
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| 24 | | - | education appointed by the governor; and |
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| 25 | | - | (4) 10 members of the public, five of whom are |
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| 26 | | - | appointed by the speaker of the house of representatives and five of |
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| 27 | | - | whom are appointed by the lieutenant governor, who: |
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| 28 | | - | (A) have knowledge and experience in blockchain |
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| 29 | | - | technology; or |
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| 30 | | - | (B) represent an industry that would benefit from |
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| 31 | | - | the use of blockchain technology. |
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| 32 | | - | (c) The governor shall designate a member of the work group |
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| 33 | | - | appointed under Subsection (b)(3) of this section to serve as chair |
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| 34 | | - | of the work group. The members of the work group appointed under |
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| 35 | | - | Subsections (b)(1) and (2) of this section shall serve as co-vice |
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| 36 | | - | chairs of the work group. |
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| 37 | | - | (d) A member of the work group may not receive compensation |
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| 38 | | - | for serving on the work group or reimbursement for expenses |
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| 39 | | - | incurred by the member in the performance of official duties as a |
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| 40 | | - | member of the work group. |
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| 41 | | - | (e) The work group shall meet at the call of the chair. |
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| 42 | | - | (f) The work group shall develop a master plan for the |
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| 43 | | - | expansion of the blockchain industry in this state and recommend |
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| 44 | | - | policies and state investments in connection with blockchain |
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| 45 | | - | technology. In developing the master plan, the work group shall: |
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| 46 | | - | (1) identify economic growth and development |
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| 47 | | - | opportunities presented by blockchain technology; |
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| 48 | | - | (2) assess the existing blockchain industry in this |
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| 49 | | - | state; |
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| 50 | | - | (3) review workforce needs and academic programs |
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| 51 | | - | required to build blockchain expertise across all relevant |
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| 52 | | - | industries; and |
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| 53 | | - | (4) make any legislative recommendations that will |
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| 54 | | - | help promote innovation and economic growth by reducing barriers to |
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| 55 | | - | and expediting the expansion of the state's blockchain industry |
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| 56 | | - | based on its findings under Subdivisions (1)-(3) of this |
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| 57 | | - | subsection. |
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| 58 | | - | (g) Not later than November 1, 2020, the work group shall |
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| 59 | | - | submit a report that includes the master plan developed under |
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| 60 | | - | Subsection (f) of this section to each standing committee of the |
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| 61 | | - | senate and house of representatives with primary jurisdiction over |
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| 62 | | - | economic development or technology issues. |
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| 63 | | - | (h) The work group may adopt rules, procedures, and policies |
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| 64 | | - | as necessary to administer this section and implement the |
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| 65 | | - | responsibilities of the work group. |
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| 66 | | - | (i) This section expires and the work group is abolished |
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| 67 | | - | June 30, 2021. |
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| 68 | | - | SECTION 2. As soon as practicable, but not later than |
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| 69 | | - | October 1, 2019, the governor, lieutenant governor, and the speaker |
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| 70 | | - | of the house of representatives shall appoint the members of the |
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| 71 | | - | work group on blockchain matters established by this Act. |
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| 72 | | - | SECTION 3. Not later than November 1, 2019, the work group |
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| 73 | | - | on blockchain matters shall hold its initial meeting. |
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| 74 | | - | SECTION 4. This Act takes effect September 1, 2019. |
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| 9 | + | Whereas, blockchain technology is a critically important |
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| 10 | + | development in commerce and finance, and in recognition of the |
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| 11 | + | importance of Texas as a center of technology and commerce, the |
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| 12 | + | Legislature deems it important to the future of this State to |
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| 13 | + | develop and recommend policies for the blockchain industry and to |
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| 14 | + | create appropriate legal infrastructure for transactions based |
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| 15 | + | upon blockchain, including digital assets and virtual currencies; |
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| 16 | + | and |
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| 17 | + | Whereas, to further the blockchain industry and to develop |
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| 18 | + | appropriate legislation for transactions using blockchain, |
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| 19 | + | including but not limited to, digital assets, virtual currency, and |
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| 20 | + | the integration of smart contracts, the Legislature desires to |
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| 21 | + | establish a working group to develop a master plan for expansion of |
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| 22 | + | the blockchain industry, Therefore, |
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| 23 | + | Section |
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| 24 | + | 1. There is established a working group to develop a |
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| 25 | + | master plan for fostering the expansion of the blockchain industry |
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| 26 | + | in the state and recommend policies and state investments to make |
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| 27 | + | Texas a leader in blockchain technology. Such a master plan shall: |
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| 28 | + | (1) Identify the economic growth and development opportunities |
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| 29 | + | presented by blockchain technology; (2) assess the existing |
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| 30 | + | blockchain industry in the state; (3) review workforce needs and |
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| 31 | + | academic programs required to build blockchain expertise across all |
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| 32 | + | relevant industries; and (4) make legislative recommendations that |
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| 33 | + | will help promote innovation and economic growth by reducing |
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| 34 | + | barriers to and expediting the expansion of the state's blockchain |
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| 35 | + | industry. |
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| 36 | + | (b) Appointments to the working group shall include, but |
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| 37 | + | need not be limited to, (1) not fewer than ten public members who |
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| 38 | + | have knowledge and experience in blockchain technology or represent |
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| 39 | + | an industry that could benefit from blockchain technology, and (2) |
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| 40 | + | not fewer than two members representing institutions of higher |
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| 41 | + | education in the state. All appointments to the working group shall |
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| 42 | + | be made not later than thirty days after the enactment of this |
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| 43 | + | legislation |
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| 44 | + | (c) The work group shall be co-chaired by a member of the |
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| 45 | + | House appointed by the Speaker of the House and a member of the |
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| 46 | + | Senate appointed by the Lieutenant Governor and by a public member |
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| 47 | + | appointed by the Governor who shall serve as Chair. The Speaker of |
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| 48 | + | the House shall appoint five public members and the Lt. Governor |
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| 49 | + | shall appoint 5 public members. The Governor shall appoint the |
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| 50 | + | members representing institutions of higher education. The |
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| 51 | + | chairperson shall schedule the first meeting of the working group, |
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| 52 | + | which shall be held not later than November 1, 2019. The working |
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| 53 | + | group shall meet at such other times as the chairperson deems |
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| 54 | + | necessary. |
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| 55 | + | (d) Not later than December 1, 2020, the working group shall |
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| 56 | + | submit a report on its findings and recommendations to the |
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| 57 | + | Legislature. |
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| 58 | + | Section 2. This Act takes effect on September 1, 2019. |
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