A bill which aims to recognize cryptocurrencies under commercial law in the state has been passed by Members of the Texas House of Representatives.
Aimed at better adapting commercial law to blockchain innovation and digital asset regulations, in a session of the 87th Texas Legislature today, lawmakers passed a proposed amendment to the state’s Uniform Commercial Code. Also, House Bill 4474 will reportedly help define cryptocurrencies in the UCC and it was first introduced by Representative Tan Parker in March
Should the crypto legislation pass the senate, Texas Governor Greg Abbott can sign the bill into law, though the bill will go to the Texas Senate for any proposed amendments. According to Abbot, he said that his a proposer of crypto law and particularly pointing HB 4474 and also persuaded crypto mining firms to establish a shop in the state.
Lee Bratcher, president of the Texas Blockchain Council, told Cointelegraph in March that the bill could bring Texas closer to being a crypto-friendly state like Wyoming. One of the only states in the country to clarify the definition of virtual currencies for businesses, Wyoming has attracted major firms including Ripple. Last year, the Wyoming State Banking Board granted crypto exchange Kraken a charter to operate as a crypto-friendly bank and gave Avanti the green light to receive and custody crypto in a similar fashion.