We sit down with Lee Bratcher, President and Founder of the Texas Blockchain Council. Lee is one of the primary architects of Texas' Proof of Reserve bill, now in effect. In this episode:

The origin of the TBC
Why Lee is moving their Summit to Ft Worth
Notable legislative successes by the TBC in Texas
The importance of getting the UCC to recognize digital assets
The importance of Bitcoin mining
The origins of HB1666
Why PoR legislation benefited from the industry spontaneously adopting the standard
How the TX PoR bill emerged as a compromise
How Lee expects this to become model legislation in other states
Comparing PoR to established financial statement audits
The importance of frequency in Proof of Reserve
The lack of accounting firms that are willing to supervise PoR
How would PoR dealt with issues at Gox, Quadriga, FTX, or Prime Trust?
How are companies operating in Texas reacting to the bill?
Future legistlative directions
The role of stablecoins in upholding the role of the dollar
The lost authority of the states in chartering banks

Further reading on PoR:

Nic in Forbes, The crypto industry is embracing self regulation. It’s time Washington gets on board
Texas HB1666
TBC, Texas 'Proof of Reserves' Bill

Lee Bratcher (Texas Blockchain Council) on PoR legislation in TX (EP.448)