Texas Law Legal Clarity Bitcoin

State lawmakers in Austin, Texas have achieved a milestone in Bitcoin regulation as the Senate passes House Bill 4474 This morning. The “Virtual Currency Bill” is now on its way to Governor Greg Abbott’s office to be signed into law. Defenders of the bill expect swift action from the governor, who in March tweeted, “Come back to me as a supporter of the crypto law proposal. It’s increasingly being used in transactions and is starting to go mainstream as an investment. Texas should lead on this.”

The new law provides much-needed legal clarity to Texas firms involved in bitcoin and digital assets. HB 4474 amends the Texas Uniform Commercial Code to include a definition of “virtual currency” and ensure that major business laws apply to cryptocurrencies. at article For a review of National Law, Daryl Robertston and Patrick Pott wrote, “Virtual Currency Law … provides a clear and succinct framework for establishing ‘control’ over virtual currency… and makes it clear that control can be established regardless of whether control authority is shared with a person. Another, which is a critical component so that banks and other non-bank financial institutions can effectively provide virtual currency custody services.” Robertson and Butt also noted/explained that “the surgical approach taken by the billers … is a wise move for a state like Texas … and provides the right balance to allow the industry to continue to mature while leaving enough room for additional regulatory changes in the future.”

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