FTX’s bankruptcy has been a painful setback for the industry. But many legislators, investors and enthusiasts remain believers in making Texas crypto’s top destination.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” read the Nov. 17 filing. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
In addition, Bratcher and ATX DAO members who spoke to the Tribune shared the sentiment that the industry needs to move away from having prominent CEOs and toward nonprofit and grassroots groups as the champions of crypto and blockchain policies.
In Texas’ upcoming legislative session, Bratcher said the Texas Blockchain Council will be talking with its legislative partners to see if they want to enact stronger consumer protections. Meanwhile, ATX DAO members are soldiering on with their current work by looking for state legislators to champion a bill that would legalize— entities without a central authority that depend on blockchain-based contracts that self-execute when preset conditions are met.
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