{"id":288688,"date":"2021-05-12T05:00:13","date_gmt":"2021-05-12T09:00:13","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=288688"},"modified":"2021-05-12T09:54:01","modified_gmt":"2021-05-12T13:54:01","slug":"texas-house-gives-crypto-friendly-bill-the-green-light","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/texas-house-gives-crypto-friendly-bill-the-green-light","title":{"rendered":"Texas House Gives Crypto-friendly Bill the Green Light"},"content":{"rendered":"
The Texas House of Representatives has passed a crypto bill to include cryptocurrencies under the state\u2019s commercial laws.<\/p>\n
In a session at the Texas Legislature, the House passed the proposal<\/a> that would amend the Uniform Commercial Code (UCC) in the state. If approved by the Senate, the new commercial law will include blockchain innovation and digital assets regulations. The bill was introduced to the House by Tan Parker in March.<\/p>\n The bill will now be handed over to the Senate, who will make any amendments and pass it if members approve. If passed, it will be signed by the Governor of Texas, Greg Abbott, and become law.<\/p>\n The governor of Texas has come out as a strong supporter of cryptocurrencies and has even encouraged BTC mining<\/a> in the state. Lee Bratcher, the president of the Texas Blockchain Council, has earlier stated that if the bill were passed, it would increase the chances of Texas being referred to as a crypto-friendly state.<\/p>\n Wyoming has been taking the lead in the US as far as crypto adoption goes. It is the only state to clearly define cryptocurrencies and how they can be used for business. Because of this, Wyoming has been a major hub for crypto firms such as Ripple. In 2020, the Wyoming State Banking Board extended a charter to Kraken<\/a>, authorizing it to operate like a crypto-friendly bank.<\/p>\n Texas has also harbored some leading crypto mining companies such as BlockCap and Riot Blockchain. The companies are also investing in more facilities and equipment to boost their mining activities in the state.<\/p>\n While state laws regarding cryptocurrencies and the entire crypto sector are rapidly being adopted, the same cannot be said for federal laws. The US regulator, the Securities and Exchange Commission, has come out as not a strong advocate for cryptocurrencies.<\/p>\n In December 2020, the SEC filed a case against Ripple for offering XRP as a token rather than a security. Ripple\u2019s executives were charged for illegally obtaining money in unregistered securities. However, in recent months, Ripple has shown signs of winning the case.<\/p>\nCrypto-friendly Texas State<\/h2>\n
Crypto Mining Laws in the US<\/h2>\n