Everything is bigger in Texas, which is why it shouldn’t come as a surprise that the Lone Star state is making moves to become America’s next Bitcoin (BTC) hotspot.
Most recently, Texas implemented two laws to ensure that cryptocurrencies are recognized under state commercial law. Texas House Bills 4474 and 1576 both took effect on Sept. 1, after being signed into law by Governor Greg Abbott this past June. While H.B. 1576 established a blockchain working group in Texas, H.B. 4474 provides a complete framework to demonstrate that virtual currency has a place under Texas law.
Specifically speaking, H.B. 4474 adopted the proposed language of the Uniform Law Commission’s new Uniform Commercial Code, or UCC. UCC Article 12 is set to be finalized next year, but states are free to adopt the proposed language in the meantime, as demonstrated by Texas’ H.B. 4474. Patrick Boot, associate at Hunton Andrews Kurth, told Cointelegraph that the text of H.B 4474 concisely points out three specific things: