NEW!Incredible offer for our exclusive subscribers! Read More

Texas House Passes Bill That Officially Recognizes Legal Status of Cryptocurrencies

1 Mins read

The “Virtual Currency Bill” that recognizes the legal status of cryptocurrencies has just been passed by the Texas House of Representatives.


It will now have to clear the Senate hurdle before becoming law and potentially establishing the “Lone Star State” as a major crypto hub together with Wyoming.

The bill aims to include the term “virtual currency” in the Uniform Commercial Code, which governs commercial transactions in the state:

A “Virtual currency” means a digital representation of value that functions as a medium of exchange, unit of account, and/or store of value and is often secured using blockchain technology.

If turned into law, it would provide a legal framework for obtaining control over cryptocurrencies. The bill allows the purchaser to share “the power with another person,” thus making it possible for financial institutions to engage in crypto custody.

Texas Governor Greg Abbott personally came out in support of the landmark crypto bill.

Related posts

Beecrypt deposits and withdrawals of USD Coin (USDC) in the Stellar network.

1 Mins read
We are pleased to announce the opening of access to deposits and withdrawals of USD Coin (USDC) in the Stellar network. Stellar…

Cryptexby cryptocurrency exchanger received licenses in Dubai

1 Mins read , the largest cryptocurrency trading platform, continues to expand its global presence with new licenses in New Zealand and the United…
AltcoinsBTCCryptoOther – business license for the use of crypto

1 Mins read
Firstly business license for the use of cryptocurrencies with a long list of conditions. It was release in New York 2020 The…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *