Texas May Become the Second Crypto-Friendly State of America
Tan Parker, the majority leader of the House of Representatives in Texas, came out with the amendments to the UCC bill to adapt blockchain and crypto into the commercial law. UCC is a set of business laws, general for all the states of America, although there are differences depending on the state.
The bill No.4474, offered by Parker, has many similarities to a law about the digital assets accepted back in 2019 in Wyoming, the first American state that adopted cryptocurrencies. Clear and transparent norms are supposed to help regulate the industry effectively.
However, this bill isn’t perfect. It doesn’t clarify the procedure of withholding the virtual assets in crediting. In Wyoming they have a legal framework for such cases but in Texas the buyers are free from the financial claims of the creditors. Still the bill received many positive responses from the companies who work with crypto and blockchain.