Would the Cryptocurrency Bill Become Law in Texas?
Sophia Cruz • 1 min read
Many establishments and individuals around the globe have been integrating cryptocurrency into their financial portfolios. Texas and Wyoming are likewise expanding their initiatives on making their state a crypto-powered business hub. The “Virtual Currency Bill” or H.B. 4474 has been created keeping this in mind. Today, The Texas House of Representatives has just unanimously passed the Bill that can potentially become law in the third quarter of this year.
Denton County District 63 House Rep. Parker initiated the Bill which would refine the state’s UCC to cater to innovation around blockchain. This is in conjunction with the Texas Blockchain Council, which is pioneering to promote blockchain technology initiatives. Leaders of the said council explained that the bill signifies the first step in accomplishing the state’s plan on becoming a blockchain-powered capital.
House Bill 4474 intends to mention and recognize cryptocurrency and blockchain technology as part of the Uniform Commercial Code. UCC is an extensive set of standardized laws that controls all commercial and business transactions.
As stated in the bill: “Virtual currency means a digital representation of value that functions as a medium of exchange, unit of account, and/or store of value and is often secured using blockchain technology.”
Texas Governor Greg Abbott has shown support for the Bill to become law and believes that crypto is “beginning to go mainstream as an investment” that will pave the way to more economic development.
It is now up to the Texas Senate and if turned into law, it will yield a legal structure for maintaining control on cryptocurrencies and digital assets.