On Friday, Greg Abbott (R), the Texas governor, signed into law that creates a legal framework for blockchain and cryptocurrencies to make Texas a magnet for the industry. According to the governor, blockchain is a “booming industry that Texas need to be involved in”.
Texas is following right on the heels of the likes of Wyoming and Miami states that have launched efforts to make the states a haven for crypto investors and blockchain startups.
According to the National Law Review, There are about 25 states that are pursuing blockchain and crypto relates measures in 2021.
What the new law means to Texas
The new law changes the Uniform Commercial Code of Texas so that it can adapt to the blockchain and digital assets. In so doing, the law formally defines virtual currencies and provides a legal framework for businesses and individuals to invest in crypto.