, 2022-12-15 10:32:53,
How will the arrest this week of notorious crypto scoundrel Sam Bankman-Fried of FTX on fraud charges affect the campaign led by state leaders to make Texas “the crypto capital of the world.”
“It won’t,” says Lee Bratcher, president of the Texas Blockchain Council. “The FTX fraud damaged the crypto industry’s reputation to be sure, but most of the economic activity in Texas is related to bitcoin mining or digital asset startups who are building apps and business solutions.”
The Texas campaign is luring companies that use thousands of computers to “mine” for cryptocurrency. SBF, on the other hand, was a leader on the financial front where the selling, buying and trading of cryptocurrency occurs.
As a consumer, are you afraid the new crypto mining companies moving to Texas will strain the power grid and lead to blackouts and higher costs on your monthly bill?
The Watchdog can’t tell you what will happen because we are in uncharted waters. Everybody is making this up as they go along.
Plus, it doesn’t sound like anyone in state government is giving a lot of thought to the growing industry. There are now about 30 crypto data centers across the state, and nobody is certain how this will work.
If you haven’t paid attention to the emergence of Crypto World in Texas, saddle up. I’ll give you an example of state unpreparedness.
In October, several U.S. senators and members of Congress wrote a highly-negative but genius letter exposing the state’s lack of…
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