Tone Vays Shares View on New Texas Crypto Bill as ‘Weird’, Compares it to California’s Stance
A popular Bitcoin proponent and trader called Tone Vays has recently talked about a new crypto bill which is being created in Texas. Several new crypto and blockchain-related bills are being created recently and they will have an effect in the market, so it is a normal occurrence that crypto commentators talk about them.
Tone Vays’ program that talked about this bill was announced on Twitter. This time, Vays talked about a Texan bill which was proposed on March 11 by the Republican lawmaker Phil Stephenson.
According to this bill, all the citizens from the state would need to be properly identified before they could use digital assets like Bitcoin.
#Bitcoin Law Review in 1hr on Texas vs $BTC, Others states pro #Crypto, #SEC on #Ethereum (@APompliano should watch this part). latest on #quadrigacx, #oneCoin & @NODEfather w/ @dcsilver @propelforward @stephendpalley @BitcoinKhaleesi @sashahodler https://t.co/jjNirSBDOt
— Tone Vays [Bali – Financial Summit] (@ToneVays) March 12, 2019
The bill argues that a person should be identified in order to use crypto assets. This would effectively make Texas the first state to ban any kind of anonymous transfer of crypto, something that is often discussed but hardly has a chance of becoming a reality most of the time.
According to Tone Vays, there are certain things that you cannot do with crypto and this is one of them. He said that the entire bill is very weird. He also commented that so-called “socialist states” like California are promoting the blockchain technology and the crypto world while “anti-socialism states” like Texas are keen to ban the technology and that it was weird.
Despite the obvious lack of understanding of what socialism actually is since no state is actually socialist in the U. S. (not even close to that, to be fair), Tone Vays has a point in saying how weird the bill is.
Stephen Palley, a lawyer who participated in the program, has affirmed that the bill was probably made by people who did not understand the crypto technology very well and that this is why it is actually so odd.
The lawyer has affirmed that this was very similar to the Vermont Statuette, as it was something that people were trying to legislate without actually understanding. This is still a bill, however, so he advised people not to freak out because “dumbass bills” come out all the time and only a few of them actually end up becoming laws (and most of the time they do not work very well).
The Community Reacts To The Bill
It is obvious that the crypto community would not react very well to this bill as its main goal is to curb freedom to invest in cryptos without being regulated by the government.
People have complained that the bill would make it illegal to start any transaction with digital currencies if both parties were not identified. This was generally understood as a bad idea, not only because it would take the freedom away from crypto investors but also because it would simply not work very well.
The government has no way of actually tracking all these transactions, so people could just ignore it and the law would not be so useful. The main danger here lies in the fact that the government could use this to track specific individuals and use them as an example to make other people afraid of using crypto assets.