SnapBots News Review-Cryptocurrencies now recognized under commercial law in Texas

Texas has become the fourth state in the United States of America to welcome Cryptocurrency with an open arm.

Texas has now passed two bills 4474 and 1576. Texas house 4474 amends the state’s Uniform Commercial Code to recognize cryptocurrencies under commercial law, while house bill 1576 establishes a Blockchain Working Group in Texas.

Both the bill was passed by both houses in the state legislature in May and in June Governor Greg Abbott has signed into law which has officially taken effect on September 1.

After Wyoming, Rhode Island, and Nebraska, Texas has become the fourth US state to elucidate the commercial law status of these assets.

Wyoming-based crypto proponent Caitlin Long told Cointelegraph. “This means that the parties to the transaction have clarity about their legal rights and obligations, that judges have a roadmap for settling disputes, and lenders know they have collateral as collateral for the loan. There is an enforceable lien on the crypto pledged.”

Lee Bratcher, president of the Texas Blockchain Council, told Cointelegraph that H.B. 4474 better defines the security interests for Bitcoin (BTC) and other cryptocurrencies to “allow institutional investors to get involved with sizable investments.” He added that the Texas Banking Commissioner and the Texas Department of Banking announced in June that banks with a state charter can custody cryptocurrencies under certain circumstances.

Some BTC miners have moved to Texas, Texas is currently home to crypto mining companies such as BlockCap, Riot Blockchain, After China’s crackdown on numerous crypto mining operations.

HEB, which is one of the largest supermarket chains in America, has announced in June that it would be installing crypto ATMs for its Texas stores.

Source: https://cointelegraph.com/news/cryptocurrencies-now-legally-recognized-under-commercial-law-in-texas

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