Texas House Passes New Bill to Officially Recognize the Legal Status of Cryptocurrencies

The Texas House of Representatives has just passed the Virtual Currency Bill, which recognizes the legal status of virtual currencies.

The Texas House of Representatives has just unanimously passed the Virtual Currency Bill, which recognizes the legal status of virtual currencies.

Texas Governor Greg Abbott personally supported the landmark crypto bill. The bill still needs to be approved by the Senate before it can become law, and when it does, Texas, the “Lone Star State,” will be tied with Wyoming as the two major “crypto hubs” in the country.

Texas House Passes New Bill to Officially Recognize the Legal Status of Cryptocurrencies

The bill seeks to include the term “virtual currency” in the Uniform Commercial Code (UCC) and regulate commercial transactions in the state, stating.

“A virtual currency is a digital representation of value that serves as a medium of exchange, a unit of account, and/or a store of value, and is typically protected using blockchain technology.”

Texas House Passes New Bill to Officially Recognize the Legal Status of Cryptocurrencies

If it becomes law, it will provide a legal framework for the acquisition and preservation of cryptocurrencies. The bill would allow purchasers to share “authority” with others, making it possible for financial institutions to engage in cryptocurrency custody.

Texas House Passes New Bill to Officially Recognize the Legal Status of Cryptocurrencies

Texas is the largest state in the Southern United States and the second largest in the nation. Known for its energy and petrochemical industries, it is highly sought after by crypto companies.

As previously reported by Bitpush, Samsung is proposing to invest $10 billion to set up a chip manufacturing plant in Austin, Texas, and Blockcap, the head U.S. bitcoin miner, is also based in Texas. Beijing-based “Bitmain” has also set up a location in Texas because of its low electricity rates and lax and friendly regulatory atmosphere. Other mining centers in Texas include Argo Blockchain, Great American Mining, Riot Blockchain, and Whinstone.

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