Sep 5, 2023
We sit down with Lee Bratcher, President and Founder of the Texas Blockchain Council. Lee is one of the primary architects of Texas' Proof of Reserve bill, now in effect. In this episode:
- The origin of the TBC
- Why Lee is moving their Summit to Ft Worth
- Notable legislative successes by the TBC in Texas
- The importance of getting the UCC to recognize digital assets
- The importance of Bitcoin mining
- The origins of HB1666
- Why PoR legislation benefited from the industry spontaneously adopting the standard
- How the TX PoR bill emerged as a compromise
- How Lee expects this to become model legislation in other states
- Comparing PoR to established financial statement audits
- The importance of frequency in Proof of Reserve
- The lack of accounting firms that are willing to supervise PoR
- How would PoR dealt with issues at Gox, Quadriga, FTX, or Prime Trust?
- How are companies operating in Texas reacting to the bill?
- Future legistlative directions
- The role of stablecoins in upholding the role of the dollar
- The lost authority of the states in chartering banks
Further reading on PoR: