Breaking: Coinbase, a16z, and Ledger Back New Texas Alliance Advocating for Clear Digital Asset Regulations

As the federal government grapples with establishing clear guidelines for digital assets, Texas emerges as a potential frontrunner in the crypto regulatory landscape. Today marks the launch of the Crypto Freedom Alliance of Texas, an entity committed to advocating for transparent and consistent digital asset regulations in the state.

Major Industry Players Rally Behind the Alliance

The Alliance isn’t a standalone endeavor. It boasts the backing of some of the crypto and blockchain industry’s most recognized names, including a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm. This coalition, rich in technical and legal expertise, underscores the significance and potential impact of the Alliance’s mission.

A Proactive Stance in the Face of Federal Inertia

The federal government’s challenges in passing clear digital asset legislation present states with a unique opportunity. Texas, with its history of fostering innovation, is well-positioned to lead. The Alliance aims to be a cornerstone for regulators and industry stakeholders in Texas, offering insights and guidance on the rapidly evolving world of digital assets.

Kinjal Shah, Chair of the Crypto Freedom Alliance of Texas and General Partner at Blockchain Capital, emphasized the state’s potential role.

In the face of federal inaction, Texas has the opportunity to lead with policies that not only safeguard consumers and investors but also catalyze innovation,

Shah remarked.

Alliance’s Pillars: Regulation, Collaboration, Education, and Innovation

The Alliance’s objectives are clear-cut:

Transparent Regulation: At its core, the Alliance seeks to develop clear and predictable regulations for digital assets in Texas. The goal is to strike a balance – fostering innovation while ensuring consumer protection.

Stakeholder Collaboration: Recognizing the multifaceted nature of the digital asset space, the Alliance is dedicated to promoting dialogue and cooperation among regulators, consumers, and industry participants.

Education as a Catalyst: The Alliance believes in the power of education to shape favorable crypto policies. Targeted initiatives aim to enlighten a spectrum of audiences, from government officials to nonprofits, about the potential of Web3 technologies.

Championing Blockchain Ventures: Beyond regulations, the Alliance is committed to nurturing the blockchain ecosystem. Through mentorship and educational endeavors, the goal is to bolster the growth of startups and entrepreneurs in the crypto domain.

With its launch, the Alliance is poised for growth, eyeing an expanded membership and a more influential role in the Texas legislative process. An official launch event is slated for September 12 in Austin.

About the Crypto Freedom Alliance of Texas

A 501(c)6 non-profit, the Crypto Freedom Alliance of Texas champions transparent digital asset regulations in Texas. Its foundation is strengthened by the support of industry leaders like a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm.

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Blockchain Capital secures $300M funding from PayPal, Visa

PayPal and Visa are among several major investors to have participated in a $300 million funding for Blockchain Capital.

In a release issued on Tuesday, Blockchain Capital announced that the close of its Blockchain Capital V LP.

According to the release, Fund V, capped at $300 million was oversubscribed with numerous investors including college endowments, family offices, and pension funds participating in the capital raise.

As part of the announcement, Blockchain Capital stated that PayPal, Visa, and some other Fund V investors will take part in the firm’s strategic partnership program.

Blockchain Capital is one of the oldest blockchain-focused funds in the industry and currently backs major projects including crypto exchanges like Kraken and Coinbase as well decentralized finance protocols like UMA, Nexus, and Aave.

The firm also has footprints in the nonfungible token space with NFT marketplace OpenSea a part of its portfolio.

As previously reported by Cointelegraph, Blockchain Capital together with Morgan Stanley Tactical Value led a $48 million Series B funding round for asset tokenization platform Securitize. Back in May, the firm also led a $24.25 million capital raise for DeFi protocol Balancer.

Blockchain Capital is a major presence in the blockchain venture capital scene that has seen $16 billion in equity investments between 2012 and 2020.

Related: Venture capitalists invest over $16B in blockchain equity since 2012

Commenting on the success of Fund V and the pedigree of investors involved in the capital raise, the press release quoted Blockchain Capital co-founder and managing partner Bart Stephens as saying:

“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”

For Jose Fernandez da Ponte, PayPal’s vice president, the company’s support of Blockchain Capital is part of its efforts to engage with entrepreneurs at the cutting edge of the emerging decentralized economy.