On September 1, two reforms to the Uniform Commercial Code of the State of Texas, in the United States, which were approved in June and recognize cryptocurrencies within this legislation, came into force. In this way, the state seeks to regulate the rights and obligations of investors.
The bills in question are 4474 and 1576, both passed by the Texas House of Representatives and Senate in May and signed into law by Governor Greg Abbott in June. CryptoNews had reported on the introduction of the bill
by parliamentarian Tan Parker in March 2021.
The first of these regulations, reform 4474
, establishes clear parameters for cryptocurrencies in order to encourage institutional investments. This is important because, by being recognized within the law of commerce, cryptocurrencies become a more regulated asset and, therefore, could attract greater capital in that state.
With this new regulation, investors have their rights and obligations recognized by a state law. Similarly, Justice has greater tools to resolve disputes and companies that provide financial services find a more adequate legal framework to carry out their operations safely.
For its part, the law 1576
is more linked to the use of blockchain in Texas. In this sense, a working group will be created to analyze the potential applications of these technological tools in public administration. The team will be composed of 16 members, including legislators and technology specialists.
Texas and its background with bitcoin
Cryptocurrencies in general, but especially bitcoin, have encountered objections in certain U.S. states that wish to encourage their adoption and development. This, in the context of an infrastructure bill
that aims to tax more players in the cryptocurrency sector, is like a needed breath of fresh air.
For example, as reported by this media outlet, Texa.
s has pushed for the establishment of mining farms in its territory. Likewise, other cryptocurrency-friendly measures have also been approved in other states such as Rhode Island, Nebraska and Wyoming.