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Texas Governor Signs Law Creating Legal Framework for Crypto Investments
The law amends adapts commercial law to blockchain and digital assets, and defines virtual currencies.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 5, 2021, 3:39 p.m.
Texas Gov. Greg Abbott (R) late Friday signed into law a measure creating a legal framework for cryptocurrencies and blockchain. The idea is to make his state a magnet for the industry, the way Wyoming has become and what Miami Mayor Francis Suarez is trying to do with that city.
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Blockchain is a booming industry that Texas needs to be involved in.
— Greg Abbott (@GregAbbott_TX) June 5, 2021
I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.#Blockchain #Bitcoin#cryptocurrency pic.twitter.com/bMKXxxYooe
- The new law amends Texas' Uniform Commercial Code to better adapt commercial law to blockchain and digital assets, formally defines virtual currencies and offers individuals and businesses a legal environment for crypto investment.
- According to the National Law Review, about 25 states are considering blockchain and/or digital asset-related measures in their 2021 legislative sessions.
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