Cryptocurrency has long been making its way in the U.S. Whereas it had been seen that some of the states have sturdily been in contradiction of blockchain technology and cryptocurrencies’ legalization, others have adopted them openly. Texas is counted among these states having two approved bills to incorporate blockchain technology and cryptocurrency into the business legislation. The House Bills of Texas titled 4474 and 1576 were passed during May as well as June on behalf of Abbott (the state governor of Texas) and the legislature of the state. The purpose of the bills is to make cryptocurrencies lawful around the state. The implementation of these bills was fixed at September’s start.
The applicability of Laws
Both the state bills deal with several portions of the crypto industry. A working group of blockchain would be established by ‘1576’ titled House Bill of Texas. On the contrary, ‘4474’ titled House bill of Texas would make amendments into the presently active Uniform-Commercial-Code to afterward also take account of cryptocurrencies in the commercial law thereof. This move would place Texas at fourth number in the matter of adopting cryptocurrencies via its commercial law in addition to Nebraska, Rhode Island, and Wyoming.
Lee Bratcher, the Blockchain Council’s president at Texas, stated that the crypto security interests would be better defined by House-Bill-4474. The bill would permit the investors from the institutions to participate in large investments. The bill also defines “virtual money,” relating it to a value’s digital representation, and that value operates as an exchange medium, account unit, or value store, often being secured through the use of blockchain technology. This definition has been included in the Business-and-Commerce-Code of Texas.
Crypto mining enters Texas
After Chinese authorities’ crackdown over miners led to the miners’ exit from the country, Texas has given them an opportunity to carry on their mining operations with an open-heartedness. The government’s legal protection regarding businesses is said to be one of the reasons behind the attraction of miners to the country. Greg Abbott, the governor of Texas, has vocally supported the cryptocurrencies, which count to be another cause for miners’ fascination. Additionally, energy is a further element in this regard. The concerns about pollution and energy were raised by China to be prominent for clamping down the miners. Therefore, the miners were pursuing renewable energy before this; however, they got it in Texas.