Texas Adopts Historic Cryptocurrency Law

Greg Abbott, Governor of Texas, has signed legislation that includes cryptocurrencies in the Texas Uniform Trade Code. The governor, who took office in 2015, has long supported cryptocurrency. Back in 2014, he even invited the “bitcoin community” to his election campaign. In March, he announced that he supported the Texas cryptocurrency law.
“I just signed into law that virtual currency is a secure transaction under the Texas Unified Commercial Code. The law defines virtual currency, sets when a person is entitled to it and when a person controls it.”
Both houses of the Republican-dominated legislature passed the Virtual Currency Act, recognizing the legal status of virtual currencies in May. In early June, Greg Abbott also signed a bill that creates a “master plan” to expand the blockchain industry in Texas, which is the second after Wyoming to recognize blockchain and cryptocurrency in its Unified Commercial Code governing commercial transactions.

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