The “Virtual Currency Act”, which recognizes the legal status of cryptocurrencies, was unanimously passed by the Texas House of Representatives.
The bill aims to add the term “virtual currency” to the Uniform Commercial Code, which regulates commercial transactions in the state.
If this bill is enacted by the Senate, a legal framework will be provided to gain control over cryptocurrencies. The bill allows financial institutions to enter crypto custody by allowing the buyer to “share power with another person”.
Texas Governor Greg Abbott announced his personal support for the landmark crypto bill.