Texas House Passes Encryption-Compliant Bill, Now Going to the Senate

Texas House Passes Encryption-Compliant Bill, Now Going to the Senate

Lee Bratcher, president of the Texas Blockchain Council, told Cointelegraph in March that the bill could bring Texas closer to being a crypto-friendly state like Wyoming. One of the only states in the country to clarify the definition of virtual currencies for businesses, Wyoming has attracted major firms including Ripple. Last year, the Wyoming State Banking Board granted crypto exchange Kraken a charter to operate as a crypto-friendly bank and gave Avanti the green light to receive and custody crypto in a similar fashion. — Greg Abbott (@GregAbbott_TX) March 29, 2021 Texas is already home to crypto mining firms including BlockCap and Riot Blockchain. Both companies  have said they are planning to expand their mining ventures in the state with the purchase of new facilities and equipment.

It is increasingly being used for transactions and is beginning to go mainstream as an investment. (Fidelity, etc. trying to get Bitcoin ETF). Count me in as a crypto law proposal supporter.

Texas should lead on this like we did with a gold depository. https://t.co/1z25mtgnmu The bill will now go to the Texas Senate for any proposed amendments and potentially a final vote. Should the crypto legislation pass the senate, Texas Governor Greg Abbott can sign the bill into law. Abbott has already said he is a “crypto law proposal supporter” — specifically referencing HB 4474 — and seemed to encourage Bitcoin (BTC) mining firms to set up shop in the state.

Source cointelegraph.com

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