The Texas House Representatives have now passed the bill to its upper assembly, senate in order to commercialise the legal laws on cryptocurrency for the state. In the 87th Texas Legislature which took place today, the congressmen put forward the bill to Uniform Commercial Code- UCC. They have requested the UCC to implement all the commercial laws to all digital assets including NFTs and cryptocurrencies.
Reason behind Texas’s moves
The main motive behind Texas to pass such a bill is not only a self based motology rather a competition from one of the other states. It all started when Wyoming ,a state of the West completely initiated and successfully implemented such a bill. The cryptocurrency legalisation and all laws towards the commercialisation is in effect not completely throughout the country.Rather, each state is looking to reform the laws to commercialise the trade and market towards the digital assets and cryptocurrencies.
Wyoming, being the 1st most state to completely regulate and commercialize the laws into the cryptocurrency. The state of Wyoming is the best example for one to move towards the crypto industry seeking a future in it. The state’s population is sparse and composed mostly of desert and barren lands. The economy of the state is not so flourisable. Amidst all this, realizing the true potential of the crypto industry and a foresee future in it, Wyoming passed all laws to commercialize it. Following this Texas is in the same footsteps as Wyoming.
On the House Bill 4474
The bill now passed to the Senate is the same House Bill 4774. This was first put forward by Tan Parker, one of the representatives of the Texas House. The substance of the Bill 4774 is to completely define and implement commercial laws for cryptocurrencies by and through the UCC. The bill is set to now pass to the Senate. Once the proposed amendments are passed and finally voted,will further move to the Texas Governor Greg Abbot for his final acknowledgement. Once to his hands, Greg Abbot will for sure sign the bill into the law, as he himself is a ‘crypto-supporter’! Greg Abbot is looking towards HB 4774 and he tweets stating Texas should lead on the crypto industry too much like how it did with its gold depository.
However, to lead or not, will be a debate once HD 4774 passes and gets live into implementation.
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