It would seem that nearly every other state, province, nation, and region is slowly adapting the utilization of cryptocurrency and blockchain technology into its everyday use. To this end, the state of Texas appears to be all set in joining other states such as Wyoming and Nebraska in terms of supporting cryptocurrency.
Greg Abbot, the official governor of Texas, has quietly implied that he is very open-minded and willing when it comes to signing a bill to support the use of cryptocurrency and helping officially implement it into the law. The bill in question is one that various members of the state’s House of Representatives had passed, with the goal being to have cryptocurrencies be officially recognized under the state’s commercial law.
Digital asset adaptation
It had been during a session pertaining to the 87th Texas Legislature that the lawmakers had elected to pass a suggested amendment for Texas’ UCC (Uniform Commerical Code). The purpose of doing this was to hopefully be able to have regulations concerning the use of digital assets and the utilization and innovation of blockchain be successfully adapted into commercial law. The amendment had originally been brought forth by Tan Parker back in March, and through the use of House Bill 4474, cryptocurrencies are to be defined with much more transparency and clarity as far as the UCC is concerned.
In the latest development, the bill is all set to be reviewed by the state’s senate, which will propose any amendments that may need to be finalized before a final and conclusive vote can be made. In the event that the cryptocurrency legislation bypasses the aforementioned senate, Greg Abbott will be in the position to officially have the bill be signed under the law. This really should not come as a surprise, however, as Abbott has long since been supportive of cryptocurrency and had also previously encouraged the mining of BTC to take place in Texas as well.
Texas to be the next Wyoming
The state’s Blockchain Council’s President, Lee Bratcher, had revealed that should the bill come to fruition, then Texas may be able to transform itself into a much more cryptocurrency-friendly state, much like how Wyoming was able to. Wyoming had already been successful in attracting major cryptocurrencies to the state in the past, such as Ripple, and had even managed to get Kraken on board in 2020.
Lastly, various mining firms such as Riot Blockchain and BlockCap already exist in Texas, and so the state does have exposure and experience with cryptocurrency and blockchain, which will be invaluable going forward.