Texas state lawmakers have passed a crypto bill that seeks to establish a legal framework for bitcoin investments in the territory. The ‘Virtual Currency Bill’ or ‘House Bill 4474’ has passed the Texas Senate, and it will go to Governor Greg Abbott to receive the final signature to become a law.
With the bill, there is now legal clarity to define virtual currencies and provide a series of guidelines for Texas companies who want to be involved in the cryptocurrency business.
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“Virtual currency means a digital representation of value that: (A) is used as a medium of exchange, unit of account, or store of value; and (B) is not legal tender, whether or not denominated in legal tender; and does not include: a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for legal tender, bank credit, or virtual currency; or (B) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform,” the bill said about the definition of virtual currencies.
The Other States Discussing Crypto Legislations
On April 14, 2021, the Virtual Currency Bill was discussed at a public hearing by the Texas House of Representatives Pensions, Investments & Financial Services Committee, with further talks on revised versions of the bills on April 16, unanimously receiving bipartisan support.
As of press time, 25 states in the US are looking into legislation over cryptocurrencies. The states include Alabama, which indefinitely postponed the talks on a crypto bill, and Massachusetts, which has a House Bill 126 that seeks to establish special commissions and members of the General Court on blockchain and cryptocurrency.