TL;DR Breakdown
• Texas crypto adoption has increased in these last months.
• Texas legalizes crypto under state business law.
The Texas House Bill has been approved by the state’s Congress and governor Greg Abbott. These 4474 and 1576 bills affirm the digital currencies legalization in September 2021.
Texas is the latest American state to adopt cryptocurrencies and blockchain technology. According to their commercial law, they are two bills intended to promote and give way to cryptocurrencies and Blockchain technology.
House Bill 1576 is based on developing a task force responsible for monitoring the cryptocurrency growth market throughout Texas. Bill 4474 allows digital currencies recognition under commercial law.
Crypto adoption in Texas enables financial growth
By creating and developing a good plan, the work team will verify, monitor, and study economic growth and blockchain technology’s opportunities for the market.
In addition, this plan allows the initiation of certain legislative recommendations to improve and promote financial growth. It is a groundbreaking way to expand the crypto industry in Texas and lower the barriers.
Lee Bratcher, Texas Blockchain Council president, recently said that House Bill 4474 would allow individuals and companies to join investments. Bratcher also added that project 4474 works better with BTC and other virtual currencies.
He commented that Texas banking institutions with state statutes would safeguard crypto assets on certain occasions.
A positive plan for the state
A positive plan is a perfect option for the crypto industry because Texas is already one US state to have increased crypto adoption. Rhode Island, Wyoming, and Nebraska are states that have previously entered the crypto market. For one cryptocurrencies defender in Wyoming, this is an important step where all parties to the transactions will have greater clarity regarding their legal rights and obligations.
This advocate claims that lenders will know that they have a tax payable on crypto assets as collateral for loans. Bill 4474 adds the concept of virtual currency to the state’s Uniform Commercial Code.
Lee Bratcher has also commented that Texas’ crypto adoption and state regulations on digital assets may bring Texas closer to Wyoming. The Texas Blockchain Council president has said that he agrees with this blockchain technology bill and has called on crypto companies to operate more in Texas.
