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 Uniform Commercial Code. The law defines virtual currency, establishes when a person is entitled to it and when a person controls it.
Greg Abbott
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 after Wyoming recognized blockchain and cryptocurrency in its Unified Commercial Code governing commercial transactions.
The virtual currency bill is similar to the Wyoming Digital Assets Act of 2019, which has helped to position it as a hub for bitcoin investors. Wyoming is actively enacting laws to support virtual currency companies.
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