Key Takeaways
- Texas passes regulatory bills that recognize crypto-assets under the commercial law
- New regulations clarify uncertainties about crypto-assets in the state of Texas
- Texas is one of four states in the US to clarify the commercial law status of digital assets
Texas Governor Greg Abbot signed regulatory bills 4474 and 1576 earlier in June and officially took effect on September 1.
House bill 4474 recognizes cryptocurrencies as digital assets under the state’s commercial law, while house bill 1576 introduces a blockchain working group in Texas.
With this development, Texas becomes the fourth state in the US to amend its commercial law status to include cryptocurrencies.
It should be noted that Texas had earlier in June revealed that banks with special licenses could offer crypto custodial services.
It is understood that signing this regulation into law will ensure that Texas blockchain laws are similar to Wyoming, which passed a digital asset law in 2019.
Since then, Wyoming has turned into a central hub for blockchain in the US.
The local blockchain community reacted positively to this news. Lee Bratchan, a blockchain enthusiast, revealed that the new laws clarify the legal status of bitcoins and other cryptocurrencies in Texas.
He added that the bills would allow institutional investors to invest more in cryptocurrencies without falling foul with existing regulations.
Texas Governor Greg Abbot is also a known crypto law supporter.
He has previously spoken of his desire to turn the state into a central hub for crypto mining.
The US continues to encourage crypto regulations when rival nation China is cracking down on crypto activities.
The Asian powerhouse has shut down several crypto mining companies in recent weeks and alleged that their activities pose a threat to the stability of the Yuan.
It remains to be seen how this crypto law affects crypto activities in Texas.
What are your thoughts on Texas crypto laws?
