Texas has Recognized Cryptocurrencies under Commercial Law

When it comes to cryptocurrencies, there is usually a bit of tension that accompanies their wild adoption not only in the US but in any nation out there. A lot of that has to do with the volatility of the crypto market and the threat it proposes to the conventional fiat financial system. But in legalizing its adoption, a lot of work needs to be done, and possibly a whole new framework is to be developed. But the US is taking a different approach; there are a total of 4 states that now recognize the cryptocurrencies under commercial law, and the newly acquainted member of the group is Texas.

There were two consecutive bills that were passed and signed into law by Governor Greg Abbott in June, but these have taken effect on 1st September. The bills proposed to the Texas house are bills 1576 and 4474. Both of these bills in the union say a lot about the furthering of the adoption practices both for the blockchain and the crypto world.

New Texas Bills to Boost Crypto and Blockchain Adoption

Both bills are not only passed but now are in effect, and thanks to these bills, cryptocurrencies are now being legally recognized under commercial law in Texas. This means that there is a wild chance of cryptocurrencies being given the green light in the future to be used for shopping and whatnot by the users, but there are too many bills that need to be constructed, prepared, presented, and then passed for that to happen. Bill 4474 explains and converges onto the security interest regarding Bitcoin, and it allows investors to be able to march on to the cryptocurrency with sizable investments.

With all of these changes being rolled out in the US, it is time that other states work on their respective crypto bills so they can get them to be presented before the senate and approved for the sake of furthering the blockchain and crypto adoption within the respective states. This might feel like a tale yet to be told and a farfetched fantasy but the direction in which this whole thing is headed, it feels highly likely that sooner than later other US states are going to do the same.