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Cryptocurrencies making headway in Texas

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Cryptocurrencies are making a headway. The bull run of 2021 saw the increased adoption of the blockchain technology at a pace never witnessed before. Wallstreet behemoths and corporate giants have taken the lead in the adoption of cryptocurrencies and a consensus have been reached on the potential of the blockchain technology.

Texas House of Representatives has passed a bill which will recognize cryptocurrencies under the commercial law in the state. An amendment was proposed at the 87th Texas Legislature to the Uniform Commercial Code or UCC. The amendment will help the adaptation of commercial law to cryptocurrencies. Digital assets and blockchain innovations will be regulated under the UCC – as per the proposed amendment.

The bill had been earlier proposed by Representative Tan Parker in March and the efforts of Parker have come to fruition as the House of Representatives passed the bill. The next step in the procedure is the passing of the bill in the Senate. In the Texas Senate, the bill is to go through another round of amendments and a potential final vote. If the senate passes the bill, Governor Greg Abbott will have to sign the bill into law.

Governor Greg Abbott has been a supporter of cryptocurrencies. The governor has also referred to himself as “Supporter of the Crypto law proposal”. With the governor’s unofficial approval for the bill, there is a good chance the crypto proposal will be met with the same kind of attitude in the Senate as well.

Wyoming is currently the only crypto-friendly state with a clear definition of virtual cryptocurrencies for business – which fosters a thriving environment for blockchain innovation. If the bill is signed into law by Texas, it would make Texas the second crypto-friendly state – ultimately, speeding up the adoption of cryptocurrencies.

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