Greg Abbott, the governor of Texas, has signed a law that includes cryptocurrencies in the Unified Trading Code of Texas.
The governor, who took office in 2015, has long supported cryptocurrency. Back in 2014, he even invited the “bitcoin community” to his election campaign. In March, he stated that he supports the cryptocurrency law in Texas.
I have just signed a law according to which virtual currency is a secure transaction in accordance with the Texas Unified Trading Code. The law defines a virtual currency, establishes when a person gets the right to it and when a person controls it.
Both chambers of the Republican-dominated legislature passed a “Virtual Currency Law” recognizing the legal status of virtual currencies in May. In early June, Greg Abbott also signed a bill that creates a “master plan” to expand the blockchain industry in Texas, which became the second after Wyoming to recognize blockchain and cryptocurrency in its Unified Trading Code regulating commercial transactions.
The virtual currency bill is similar to the “Digital Assets Act” passed in Wyoming in 2019, which helped position it as a hub for bitcoin investors. Wyoming is actively enacting laws to support companies operating in the field of virtual currency.