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Texas Approves Bill Providing Legal Framework for Use of Cryptocurrencies

The Texas Blockchain Council will work hand in hand with the Texas Congress to help structure the regulation of cryptocurrencies.

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Members of the Texas House of Representatives voted favorably on an amendment proposing to amend the state’s Uniform Commercial Code to adapt existing commercial law to innovations such as blockchain technology and cryptocurrency regulation.

The amendment passed for debate in the 87th Legislature session. House Bill 4474, originally proposed by Rep. Tan Parker, will be debated in the Texas Senate to propose amendments to the current bill and bring it to a final vote.

Texas Governor Greg Abbott was in favor of the legislation and stated that assets such as Bitcoin: “t is increasingly being used for transactions and is beginning to go mainstream as an investment.” Abbott described himself as a “supporter of the bill.”

Specifically, the bill recognizes cryptocurrencies under existing commercial law and legally protects investments in cryptoassets from potential fraud, misuse or crime.

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The legislation would adopt blockchain technology and digital contracts to the current commercial code in Texas. (Image: EFE)

The Texas Blockchain Council will work hand in hand with the Texas Congress to help structure regulation regarding cryptocurrencies.

Texas for its part is home to cryptoassets such as bitcoin mining firm BlockCap and Riot Blockchain. Both firms claim to be willing to expand their mining operations in the state.

The state of Texas seeks to continue the path that the state of Wyoming has been marking, after becoming the first state in the United States to formally regulate the implementation of cryptocurrencies within its legislation.

Competition in Wyoming And Florida

After the establishment of a regulation to the cryptocurrency market the state of Wyoming attracted several cryptoasset investors such as the firm Ripple, who issue their own cryptocurrency with the same name. The Kraken exchange was also approved by the Wyoming State Banking Board as a cryptoasset bank.

Miami Mayor Francis M. Suarez has also been vocal in promoting and adopting bitcoin and other cryptocurrencies in his city. In fact, in June 2021, the Bitcoin 2021 conference will be held in sunny Miami, featuring a number of crypto-entrepreneurs.

Federal Reserve Chairman Jerome Powell has also expressed interest in the world of cryptocurrencies, and confirmed that the Fed is studying ways to integrate dollar-backed cryptoassets to contain the volatility of cryptocurrencies such as bitcoin.

Not all policymakers are sympathetic to bitcoin and blockchain technology

Some states, however, view the adoption of cryptocurrencies with some skepticism, as is the case in New York, whose Congress is debating a bill that would ban bitcoin mining operations for 3 years, until the environmental impacts of mining are fully identified.

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States such as New York are seeking to regulate emissions produced by Bitcoin mining. Several coal plants have been converted into Bitcoin mining centers in the United States. (Image: EFE)

Janet Yellen, the Treasury Secretary, has called bitcoin and other cryptocurrencies a highly speculative asset and one that could be risky for investors. The Treasury secretary has even pointedly referred to bitcoin as an “extremely inefficient” asset.

Despite the skepticism of Yellen and other public officials, the adoption of cryptocurrencies and blockchain technology has continued to expand and its acceptance continues to grow throughout the United States and the world.

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