Texas, known as the biggest producer of oil, cattle, minerals, and fabrics in the United States, wants to enlist the digital assets to the list. At the 87th legislative session in the House of Representatives, a group of designated lawmakers proposed an amendment of the Uniform Commercial Code or UCC. The proposed amendment would make way for commercial law adaption for blockchain innovation and cryptocurrency regulation.
Tan Parker was the first congress member to propose the bill in March. The members of the Texas House of Representatives have passed the bill with a glaring majority. House bill 4474 will set a precedent for the American states to define the importance and advantages of crypto legislation in the region. The bill can now be presented in the upper house for a final vote. Governor Greg Abbott has already hinted at the possibility of signing the bill into law.
Is a Bitcoin ETF in the Cards Soon Enough?
Governor Abbott also added in his tweet that Texas, as the leading economic principle for the United States, has a responsibility to set an example for the rest of the states for formally constructing a sound and secure legal framework for cryptocurrencies. He added that cryptocurrencies have already become a mainstream trade commodity for retail and commercial entities.
Abbott also mentioned Fidelity’s new crypto-banking ventures and long overdue Bitcoin ETFs. President of Texas Blockchain Council, Lee Bratcher, told crypto journalists that the crypto bill of Texas would bring it closer with digital asset savvy states like Wyoming. Texas is already home to several major crypto mining planters like Blockcap and Riot Blockchain. These mining firms have already expressed an interest in expanding their operations for the purchase of new facilities and equipment.
The Emergence of more Crypto-Friendly States in the United States
Under the watchful gaze of the Biden administration, it seemed that Bitcoin and other cryptocurrencies would have to face a big opposition. However, Texas moving to officially transition into crypto favouring state is a big accomplishment for the entire crypto community. Texas might be one of the most sought-after crypto transitions; nevertheless, it is not the only one to move in this direction. In February, Wyoming became the first US state to introduce crypto-perceptive regulations.
Cynthia Lummis, US senator, led the way by exclaiming that digital assets would constitute a key part of her legislative agenda. Caitlin Long, CEO of DeFi Bank Avanti, said that the introduction of sanctioned crypto regulations would promote digital trading practices in the region and make the market more secure for key investors. Long is also a member of the Select Committee on Blockchain with State legislature and Financial Technology Digital innovation.