Which let's the Texas of Canada, Alberta, run it's own stock exchange with much looser listing requirements and security requirements. This Texas exchange will not have that advantage.
The important aspect for Alberta within the context of Canada. Is how the local regulation allows the Alberta exchange to list and provide capital to junior drillers. Small companies which raise capital using ipos to use in speculative drilling. Alberta sees this as important for their economy. To the extent it prevents Canada from having a nation SEC like singular security regulator.
With that in mind, I question how a Texas based exchange will be more than a market for lemons. Companies too sketchy for the big exchanges might be interested in listing, but no one worth investing. This contrasts with Alberta where the difference in regulation allows a unique group of companies to list.
Instead we'd expect an exchange who's selling point is less regulation, to be filled with companies who cannot pass the higher bar. A self selection of the worst companies.