Texas Blockchain Council looks to move legislation forward, following Gov. Abbott's endorsement of t

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The Business Journals by Kevin Cummings  4/7/2021

Texas Blockchain Council looks to move legislation forward, following Gov. Abbott's endorsement of the technology

 Late last month, Gov. Greg Abbott tweeted his support for blockchain technology, writing “count me in as a crypto law supporter,” potentially setting the state’s current legislative session to increase its focus on the tech.

Abbott’s announcement was in response to a Cointelegraph article which looked at some of the legislative barriers companies working in the blockchain space face in Texas. And as the Texas’ 87th Legislative Session picks up steam, the Texas Blockchain Council is spearheading a push to get a number of bills passed one of its biggest focuses is on the passage of H.B. 4474.

“Independent thinking, technological innovation and economic freedom have always been hallmarks of the great state of Texas,” leadership of the Texas Blockchain Council wrote via email to NTX Inno. “We feel that forward-thinking legislation that encourages innovation is the best approach for Texas to become a leader in the space.” 

Denton County District 63 House Rep. Tan Parker introduced the bill, in collaboration with the council, which would amend that state’s Uniform Commercial Code define what a virtual currency is, as well as how a currency controlled and used in trade. Under the bill, which is still in committee, a virtual currency is defined as a “digital representation of value that functions as a medium of exchange,” giving multiple blockchain-enabled cryptocurrencies to be used. The bill goes on to define how a digital currency could be used in making payments and in loan disputes.   

More: https://www.bizjournals.com/dallas/inno/stories/news/2021/04/07/texas-blockchain-council-hb-4474-cryptocurrency.html