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Texas Governor Signs Groundbreaking Cryptocurrency Bill into Law

u.today 13 June 2021 10:30, UTC
Reading time: ~1 m

Texas Governor Greg Abbott has signed into law a game-changing cryptocurrency bill, according to his recent tweet:

I just signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction. It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it.  

The “Virtual Currency Bill”— which positions the Lone Star state as one of the leaders in the crypto industry—was passed by both chambers of the Republican-dominated legislature in May.

As reported by U.Today, the legislation provides a formal definition of the term “virtual currency” while outlining guidelines for cryptocurrency businesses in the state.

Abbott has also signed a bill that bans “Zuckerbucks” (money funneled by private groups for administering state elections).

Texas embracing blockchain and crypto

On June 10, the Texas Department of Banking clarified that state-chartered banks could custody cryptocurrencies in a notice.   

Earlier this June, Abbott also signed a bill that creates “a master plan” for expanding the blockchain industry in the state:

Blockchain is a booming industry that Texas needs to be involved in.

Last week, Texas Senator Ted Cruz said that Bitcoin had “a lot of potential” during his interview on “Hannity.”

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