Texas chases after Wyoming with crypto law proposal, but challenges remain

Will Texas follow in Wyoming’s footsteps to become the next crypto-friendly U.S. state?

Everything is bigger in Texas, but when it comes to crypto-friendly legislation, this doesn’t seem to be the case… just yet. On March 12, 2021, Texas Representative Tan Parker introduced the Uniform Commercial Code, also known as UCC, amendment bill (House Bill 4474) to better adapt commercial law to blockchain innovation and digital asset regulations.

Texas Blockchain Council worked closely with Texas legislators to draft this bill, noting that if passed, it would change the business law around the definition of digital currencies and the legal definition of control:

“The Texas Blockchain Council has been working with uniform law commission around the language of the UCC amendment bill, along with other stakeholders to make sure they are all comfortable with the language.”

Reference :

https://cointelegraph.com/news/texas-chases-after-wyoming-with-crypto-law-proposal-but-challenges-remain

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Author: Priyanka

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