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A BILL TO BE ENTITLED
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AN ACT
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relating to the establishment of the Texas blockchain working |
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group. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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Whereas, blockchain technology is a critically important |
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development in commerce and finance, and in recognition of the |
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importance of Texas as a center of technology and commerce, the |
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Legislature deems it important to the future of this State to |
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develop and recommend policies for the blockchain industry and to |
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create appropriate legal infrastructure for transactions based |
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upon blockchain, including digital assets and virtual currencies; |
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and |
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Whereas, to further the blockchain industry and to develop |
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appropriate legislation for transactions using blockchain, |
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including but not limited to, digital assets, virtual currency, and |
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the integration of smart contracts, the Legislature desires to |
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establish a working group to develop a master plan for expansion of |
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the blockchain industry, Therefore, |
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Section |
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1. There is established a working group to develop a |
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master plan for fostering the expansion of the blockchain industry |
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in the state and recommend policies and state investments to make |
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Texas a leader in blockchain technology. Such a master plan shall: |
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(1) Identify the economic growth and development opportunities |
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presented by blockchain technology; (2) assess the existing |
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blockchain industry in the state; (3) review workforce needs and |
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academic programs required to build blockchain expertise across all |
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relevant industries; and (4) make legislative recommendations that |
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will help promote innovation and economic growth by reducing |
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barriers to and expediting the expansion of the state's blockchain |
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industry. |
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(b) Appointments to the working group shall include, but |
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need not be limited to, (1) not fewer than ten public members who |
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have knowledge and experience in blockchain technology or represent |
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an industry that could benefit from blockchain technology, and (2) |
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not fewer than two members representing institutions of higher |
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education in the state. All appointments to the working group shall |
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be made not later than thirty days after the enactment of this |
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legislation |
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(c) The work group shall be co-chaired by a member of the |
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House appointed by the Speaker of the House and a member of the |
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Senate appointed by the Lieutenant Governor and by a public member |
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appointed by the Governor who shall serve as Chair. The Speaker of |
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the House shall appoint five public members and the Lt. Governor |
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shall appoint 5 public members. The Governor shall appoint the |
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members representing institutions of higher education. The |
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chairperson shall schedule the first meeting of the working group, |
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which shall be held not later than November 1, 2019. The working |
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group shall meet at such other times as the chairperson deems |
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necessary. |
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(d) Not later than December 1, 2020, the working group shall |
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submit a report on its findings and recommendations to the |
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Legislature. |
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Section 2. This Act takes effect on September 1, 2019. |