Steven Kinard, the director of Bitcoin mining analytics at the Texas Blockchain Council (TBC), a prominent crypto advocacy group, has recently revealed his intention to run for a seat in the Texas House of Representatives.
Kinard has been with the Texas Blockchain Council since March 2022. Also, he previously worked at BOK Financial for three years. He aims to secure the Republican Party nomination for Texas House District 70 in the Dallas-Fort Worth area. If successful, he would commence a two-year term starting in 2025.
As part of his campaign platform, Kinard is committed to championing “digital freedom” and advocating for “strategic technology investments.” These priorities highlight his determination to promote the growth and development of the digital landscape within the state of Texas.
Notably, Kinard’s candidacy aligns with his long-standing belief in the potential of cryptocurrencies and blockchain technology to foster innovation and economic prosperity.
Criticism of the Federal Reserve’s Exploration of CBDCs
A notable aspect of Kinard’s campaign is his vocal opposition to the Federal Reserve’s exploration of a central bank digital currency (CBDC). He deems the Fed’s attempts to launch a CBDC as reckless. Also, he plans to actively resist and halt any research related to CBDCs if elected.
This stance resonates with other Republican lawmakers, including Florida governor and 2024 presidential candidate Ron DeSantis. This is because they share similar concerns about the potential consequences of CBDC implementation.
Should Kinard secure the Republican primary for Texas House District 70, his primary opponent will likely be incumbent Democratic Representative Mihaela Plesa. Representative Plesa has been serving in the Texas House since 2023. This anticipated matchup sets the stage for a compelling contest between the two candidates, representing differing perspectives on various key issues.
Texas: A Thriving Hub for Cryptocurrency Mining
Texas, particularly the capital city of Austin, has emerged as a thriving hub for cryptocurrency mining activities. This trend has only intensified following the relocation of numerous miners from China. While a bill aimed at curbing incentives for crypto miners was passed by the Texas State Senate in April, the state government has also demonstrated support for the cryptocurrency industry.
Notably, Texas voted in favor of adding crypto to the state’s Bill of Rights. Additionally, Governor Greg Abbott has publicly expressed his backing of crypto-related legislative proposals.
Crypto and Blockchain as Key Election Issues
As the 2024 United States primaries draw near, cryptocurrencies and blockchain technology have emerged as significant issues for voters. Brian Armstrong, the CEO of Coinbase, has called upon crypto users to support “pro-crypto candidates” across all 435 U.S. congressional districts.
Notably, lawmakers have been presenting proposals for legislation to regulate digital assets. This will make it crucial for voters to consider candidates’ stances on crypto-related matters.
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