Texas ‘Verified Identity Digital Currency’ bill is 'Dead On Arrival'

16 Mar, 2019 | Updated: 16 Mar, 2019
by Joeri Cant
Regulation
Texas ‘Verified Identity Digital Currency’ bill is 'Dead On Arrival'

The proposed Texas bill which would require identity verification for all crypto transactions and ban the anonymous use of cryptocurrency in the US has stirred up a lot of feelings on both side of the aisle, however, it appears that the bill is going nowhere.

The Texas ‘Verified Identity Digital Currency’ bill has been declared DOA - 'Dead On Arrival'.

This new bill was proposed by Republican Phil Stephenson, and would have been one of the biggest anti-crypto moves carried out by state legislature so far. It would have prevented any crypto transaction where the sender's identity is not verified beforehand and would have banned all use of any anonymous cryptocurrencies.

The bill proposel wasn't well received.

Read more: Texas may soon require ID verification from crypto users

On March 15, the blockchain-entrepreneur and CEO of Mock-it Esports, tweeted about a conversation he had with a Texas House Director.

Apparently, the CEO was told that the bill was dead on arrival, and had been asked to put together a list of bullet points which should be included in the Texas regulation. 

In an attempt to confront the lawmakers involved, and bring attention to the flawed bill proposel, House Representative, Tyler Lindholm, and Caitlin Long went to the Capitol with the intention to talk to the sponsor of the bill, Republican senator Phil Stephenson.

Caitlin Long described the bill as worse than New York’s BitLicense legislation.

As they didn’t get to meet Stephenson, they encouraged Texas residents, in a video posted to Twitter, to contact their representative to suppress the bill.

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