The Texas Senate Committee on Business and Commerce meeting on April 15, 2025, spotlighted the challenges faced by cryptocurrency operators, particularly in California and New York. A representative from a leading Bitcoin depot revealed that their operations have significantly diminished, citing a drastic 80% reduction in California due to stringent regulations, including a $1,000 transaction limit and a 15% fee cap.

The operator emphasized their commitment to working in good faith with legislators to address these issues, stating, "We're the only operator, and we're operating at a loss." This highlights the tough landscape for cryptocurrency businesses in states with restrictive laws.

While the company continues to operate in 49 states, the District of Columbia, Puerto Rico, and even internationally in ten countries, New York remains a notable exception. They have a pending application for a bit license there, which is crucial for their expansion.

The discussions underscored the balancing act that cryptocurrency operators must navigate between compliance and profitability. As the committee wraps up its session, the future of cryptocurrency legislation in Texas and beyond remains uncertain, with operators hoping for more favorable conditions to thrive.