Earlier this week, the cryptocurrency community reacted with abject horror towards Texas’ proposed ‘Verified Identity Digital Currency’ bill. Well, apparently it was a lot of worry over nothing, as the bill is allegedly dead in the water.

Indecent Proposal

The furor started on Monday, when the proposed bill, HB4371, first came to light. The bill declared that:

Before accepting payment by a digital currency, a person must verify the identity of the person sending payment.

However, this did not apply if the payment was in a ‘Verified Identity Digital Currency’ as defined by the bill. Furthermore, “This state may not use a digital currency that is not a verified identity digital currency.”

The definition of such a currency was rather vague and seemed to willfully ignore a key point of cryptocurrency.

Why Oh Wyoming

In a bid to confront the specific lawmakers involved, House Representative, Tyler Lindholm, and Caitlin Long went to the Capitol. Both Lindholm and Long have been instrumental in pushing through much…

Click to continue reading on its source location…

Source: https://thebitcoinnews.com/texas-worst-than-bitlicense-crypto-bill-is-dead-on-arrival/