The Texas House of Representatives has passed a crypto-related bill that recognizes the legal status of cryptocurrencies. Apparently, the “Virtual Currency Bill” amends the Uniform Commercial Code (UCC) to show that cryptocurrencies, such as Bitcoin (BTC), are valid for commercial transactions. The bill if approved will recognize the various rights of those who purchase and manage virtual currencies.
Texas House Passes Crypto-Friendly Bill
On May 11th, the House of Representatives of the Texas State Council of the United States had passed a bill that aims to recognize cryptocurrencies under commercial law in the state. It will be deliberated in the Senate of the Texas State Parliament in the future.
Tan Parker, one of the lawmakers who submitted the bill, said:
The bill sets the stage for Texas to lead the United States in the field of cryptocurrencies. There are several other states that are positive about cryptocurrencies, but I hope Texas will take leadership in this area.
While validating China’s superiority in Bitcoin mining and other areas, he adds:
“Cryptocurrencies are very important for the economic and national security interests of the United States.”
If turned into law, a clear legal framework for obtaining control over cryptocurrencies will be made possible.
Texas Is a Mecca for Bitcoin Miners
The bill will now go to the Texas Senate for any proposed amendments and for a potential final vote. Should the crypto legislation pass the senate, Texas Governor Greg Abbott could sign the bill into law.
Abbott has publicly acknowledged supporting cryptocurrencies while encouraging Bitcoin (BTC) mining firms set up in the state.
— Greg Abbott (@GregAbbott_TX) May 5, 2021
Cheap electricity in Texas has made it possible for setting up a lucrative cryptocurrency mining business in the state.
Leading crypto mining firms such as BlockCap and Riot Blockchain are operating from Texas. Both companies have said they are planning to expand their mining ventures in the state with the purchase of new facilities and equipment.