Customers of the Texas Household of Reps just passed a proposed piece of laws which recognizes the use of cryptocurrencies in professional transactions.
Dwelling Bill 4474 seeks to insert a definition of the time period ‘virtual forex into the state’s Uniform Commercial Code (UCC), the set of regulations that governs business enterprise transactions in the US.
“Section 9.102, Enterprise & Commerce Code, is amended by introducing Subsection (29-a) to read as follows:
(29-a) ‘Virtual currency’ means a electronic illustration of price that capabilities as a medium of exchange, unit of account, and/or keep of value and is often secured employing blockchain technological innovation.”
If the proposed laws becomes regulation, it will present a legal framework for dealings that contain cryptocurrencies and blockchain.
The bill was handed during the Tuesday session of the 87th Texas Legislature. It now travels to the Texas Senate for amendments and voting.
Texas Governor Greg Abbott is envisioned to indication the proposed laws into regulation right after stating that he is a supporter of the professional-crypto invoice.
Apart form Texas, other states are also relocating to accommodate crypto use in mainstream transactions. In March, Miami Mayor Francis Suarez submitted a proposal to let people to pay out their taxes in Bitcoin (BTC) and for personnel to receive their pay in the flagship cryptocurrency.
Amid the increasing level of popularity of cryptocurrencies, members of the US Residence of Reps have also introduced the Reduce Limitations to Innovation Act of 2021 (H.R. 1602) to establish the jurisdictions of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Buying and selling Commission (CFTC) about digital assets.
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