Members of the Texas House of Representatives have passed a bill which aims to recognize cryptocurrencies under commercial law in the state.
In a session of the 87th Texas Legislature today, lawmakers passed a proposed amendment to the state’s Uniform Commercial Code, or UCC, aimed at better adapting commercial law to blockchain innovation and digital asset regulations. First introduced by Representative Tan Parker in March, House Bill 4474 will reportedly help define cryptocurrencies in the UCC.
The bill will now go to the Texas Senate for any proposed amendments and potentially a final vote. Should the crypto legislation pass the senate, Texas Governor Greg Abbott can sign the bill into law. Abbott has already said he is a “crypto law proposal supporter” — specifically referencing HB 4474 — and seemed to encourage Bitcoin (BTC) mining firms to set up shop in the state.