Last updated:
Reporter
Rachel Wolfson
Reporter
Rachel Wolfson
Share
Why Trust Cryptonews
From November 20 to 21, crypto enthusiasts gathered in Dallas, Texas, for the North American Blockchain Summit (NABS), where discussions revolved around the future of cryptocurrency and regulatory frameworks.
Lee Bratcher, President of the Texas Blockchain Council and event organizer, told Cryptonews that this year’s summit attracted hundreds of attendees from across the globe.
“We saw many countries represented at the Summit,” Bratcher said. “There is a collective sense that the new Trump administration in DC will ensure the United States is once again at the epicenter of digital asset innovation.”
US Politicians Spotlight Crypto Legislation at NABS
A major highlight of this year’s NABS was the presence of high-profile United States politicians addressing the future of Bitcoin (BTC) and cryptocurrency.
As President-elect Donald Trump prepares to take office, his promises of crypto-friendly initiatives are creating widespread interest among industry stakeholders.
Former US Senator Pat Toomey kicked off the summit with a keynote discussion emphasizing the need for clear crypto regulations, focusing particularly on stablecoin adoption in the US.
“I think stablecoins would significantly enhance the status of the dollar as the world’s reserve currency and the leading medium of exchange for a couple of reasons,” Toomey said.
He further explained their potential to create demand for treasury securities.
Former Speaker of the US House of Representatives Paul Ryan also addressed attendees in a discussion with former White House Security Adviser Faryar Shirzad.
The conversation focused on what the new Trump administration must do in order to enact a crypto-friendly agenda.
Yet while Trump’s election victory has been viewed as positive for the cryptocurrency sector, Ryan cautioned against republican complacency.
“We are going to have much better legislation soon, but it will require bipartisanship,” Ryan said. “It’s important that this community remains agnostic on the party, and focused on who is for Web3 and crypto. I am saying this as a Republican, and I think it will accrue to the benefit of this sector.”
Ryan, who served as the House speaker from 2015 through 2019, added that he believes good legislation is on the horizon when it comes to crypto policies.
“I think we are going to have really good legislation replacing this ‘legislation through lawsuits’ with much better people soon,” he remarked.
However, Ryan explained that stablecoin legislation and a market structure bill (FIT21) will take more time to pass due to Trump continuing to add House members to his Cabinet.
He warned that even with Republican control over the executive branch, Senate and House, the “razor thin” majority could slow the Trump administration down.
“If you keep adding House members to your Cabinet, it slows down filling those majority seats. This delays the ability for the House to pass party-line legislation,” he said.
Bitcoin Mining Gains Support from Texas Regulators
Amidst high-level discussions on crypto legislation, a number of panel discussions focused on the Bitcoin mining industry.
Jaime McAvity, Founder of West-Texas based miner Cormint, spoke with Woody Rickerson, COO of The Electric Reliability Council of Texas (ERCOT).
This is the first time ERCOT has spoken at NABS and the conversation primarily focused on the pros and cons of Bitcoin mining.
Following the panel, McAvity told Cryptonews that just a few years ago Rickerson was skeptical about Bitcoin mining. However, his mindset has shifted.
“After observing Bitcoin mining operations over the last few years, Rickerson thinks that these operations are an overwhelmingly positive member of an electrical grid community,” McAvity explained. “During our panel discussion, Rickerson noted that Bitcoin miners add a lot of value by providing free demand response – ERCOT now wants to build a good relationship with grid operators.”
Rickerson described Bitcoin miners as “a helpful market participant” due to their ability to shut down operations during electricity shortages.
McAvity also addressed recent regulations from the Public Utilities Commission of Texas (PUCT), which now require miners connected to the ERCOT grid to register and share operational details.
“This information is being collected by the public utility commission of texas, not a federal regulator,” McAvity said. “The information won’t be shared with the federal government and most of this data is already known by ERCOT and the PUCT, so this is just a formality.”
Strategic Crypto Legislation: Opportunities in Texas
Strategic Bitcoin reserve legislation was also heavily discussed at NABS.
While it’s been reported that Pennsylvania is considering adding Bitcoin to their financial strategies, Texas is likely to do the same.
Dennis Porter, CEO of nonprofit advocacy group Satoshi Action Fund, told Cryptonews at NABS that he is in talks with a Texas lawmaker to introduce strategic Bitcoin legislation in the Lonestar State.
“There is a lawmaker here who is getting ready to introduce this type of legislation,” Porter said. “We think there is a real possibility that Texas will move in the right direction for this type of policy.”
Porter further shared that there are 10 other US states that will likely introduce this legislation next year.
Charting the Next Phase of Crypto Adoption and Regulation
As the summit concluded, discussions shifted to the broader future of digital assets and their adoption at sovereign and institutional levels.
In his keynote address, US Representative French Hill expressed optimism about crypto progress, stating, “Spring of 2025 is going to be when the US moves the crypto agenda forward.”
Natalie Smolenski, Founder of The Texas Bitcoin Foundation, echoed these sentiments, highlighting the increasing comfort of governments and institutions with digital assets.
“We are still early in this process, but there has certainly been a narrative change. It’s clear that governments and institutions are becoming more comfortable with digital assets,” she told Cryptonews.
