Texas law creates legal clarity for Bitcoin

The bill formally defines virtual currencies and provides a clear legal environment for individuals and businesses to invest in bitcoin. State lawmakers in Austin, Texas, took an important step in regulating Bitcoin when the Senate passed Bill 4474 this morning. "Virtual Money Bills" is now Gov. He goes to Greg Abbott's office for the posting. Supporters of the bill expect quick action from the governor who tweeted in March: “Trust me as a supporter of a crypto bill. It is increasingly used for transactions and is starting to be a regular investment. Texas should be a leader in this field. The new law provides much-needed legal clarity for Texas businesses regarding bitcoin and digital assets. HB 4474 modifies the Texas Uniform Commercial Code to include the definition of "virtual currency" and enforces the main trade laws. in cryptocurrencies. In their National Law Review article, Daryl Roberston and Patrick Boot write: "The Virtual Currency Act … provides a clear and concise framework for 'control' over virtual currencies … and clarifies whether the power of control can be shared with another person, It is a crucial element in providing effective virtual currency custody services for banks and other non-bank financial institutions.Robertson and Boot said, "the drafter's surgical approach … is a prudent step for a state like Texas … and more while allowing the industry to mature more. the right balance that will leave enough room for much editing. Changes in the future. “The new law marks an important milestone in Bitcoin's mainstream transition. By accepting the legal status of virtual currencies, Texas is likely to see an increase in Bitcoin investors and businesses confident in the certainty offered by the new law. Christopher Callicot, a venture capitalist, wrote:

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