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Texas Legislators May Prohibit Anonymous Crypto Transactions

09:44 12/03/2019
Anonymous Crypto Transactions Are Proposed To Be Banned In Texas

Republican Phil Stephenson, a member of the House of Representatives of the US state of Texas, presented a bill aimed at banning anonymous crypto transactions, BTC Wires reports, referring to a document published on the parliamentary website.

 

Bill No. 4371 states that every crypto owner must confirm his identity when making a transaction. Only in the case of the use of “verified digital currency,” where user data is indicated, there will be no need to confirm the identity.

 

Cryptocurrency cannot be used in Texas without user identification; all regulatory agencies should cooperate to identify crypto owners, according to the regulatory legal act. In the case of passing parliamentary hearings, the bill may be adopted by September 1, 2019.

 

The bill caused negative feedback and a negative assessment in the crypto community. Some emphasize that the document affects one of the underlying principles of cryptocurrency – their anonymity.

 

A non-profit organization called Texans for Fiscal Responsibility assigned a low 40% rating to the Stephenson bill. The parliamentarian himself is confident that if adopted, the law will benefit the state's financial situation.

 

One of the Athena Blockchain founders, Andrew Hinkes, believes that the wording of the bill is vague, it will only hinder the growth of the crypto sphere and make it difficult to use digital assets. Besides, he doubts the competence of regulatory bodies.

 

As previously reported, regulators banned four ICO projects at once in Texas.

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