Members of the Texas House of Representatives have passed a bill that recognizes cryptocurrencies as a means of payment. The bill titled “House Bill 4474” will insert the term “virtual currency” into the state’s Uniform Commercial Code (UCC). The UCC is the set of laws that oversee business transactions in the U.S.
The House of Representatives passed the bill in the Tuesday session of the 87th Texas Legislature. The bill will now go to the Texas Senate for voting and amendments.
(29-a) ‘Virtual currency’ means a digital representation of value that functions as a medium of exchange, unit of account, and/or store of value and is often secured using blockchain technology.”
Texas Governor Greg Abbott that he supports the pro-crypto bill and is therefore expected to sign the bill. When the proposed bill becomes a law, there will be a legal framework for blockchain and crypto transactions.
Members of the U.S. House of Representatives have also the ‘Eliminate Barriers to Innovation Act of 2021’ (H.R. 1602). The act will specify U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdictions over digital assets.
Apart from Texas, other states are also to adopt the use of crypto in general transactions. Miami Mayor, Francis Suarez, submitted a proposal in March for residents to pay taxes in Bitcoin (BTC). The proposal will also allow Bitcoin salary payments for employees.