The Texas Bitcoin bill HB4474 has been passed by the State Senate on May 27 after being passed by the House of Representatives on May 11.
The newly passed Bitcoin bill recognizes Bitcoin and other digital assets under the state’s commercial laws. Similar to Wyoming, approval of the bill would make Texas another crypto and blockchain-friendly state.
The said bill passed with a resounding 9-0 vote. Now, it only needs the signature of Texas Governor Gregg Abbott, which seems a formality. He already stated that he is in favor of new crypto regulations.
The new law creates much-needed legal clarity for Texas companies involved with bitcoin and digital assets. Approval of Bitcoin bills is playing an essential role in helping Texas become a crypto hub. It is quite famous among bitcoin mining companies such as Riot Blockchain and Blockcap.
“The virtual currency bill clarifies that control can be established regardless of whether the power to control is shared with another person, a critical element for banks and other non-bank financial institution to effectively provide custody services for virtual currencies.”
Texas, the second-largest economy in the US and the 9th largest economy in the world.
Including Nevada, New Jersey, Rhode Island total of 25 states in the US considering some form of legislature related to blockchain technology or cryptocurrencies. Texas senate approval could pave the way for other states to follow the suit.
Apart from Texas, Miami’s mayor is also bullish on bitcoin and currently discussing regulation around paying state employees in bitcoin. Recently, Nebraska senators also voted in the favor of the bill allowing state banks to offer cryptocurrency services.
