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In a tweet yesterday, Texas governor Greg Abbott affirmed himself as a cryptocurrency advocate and would make Texas a leader in implementing crypto-related issues. :
Trust me, I’m a crypto bill proponent. They are increasingly used in transactions and are starting to become a mainstream investment. (Honesty, etc. are trying to receive a Bitcoin ETF). Texas should take the lead on this just as we did with the gold store.
Count me in as a crypto law proposal supporter.
It is increasingly being used for transactions and is beginning to go mainstream as an investment. (Fidelity, etc. trying to get Bitcoin ETF).
Texas should lead on this like we did with a gold depository. https://t.co/1z25mtgnmu
– Greg Abbott (@GregAbbott_TX) March 29, 2021
In addition, he said that cryptocurrencies will become the mainstream, especially when the Securities and Exchange Commission of the United States (SEC) approves the Bitcoin Exchange Fund (ETF).
Working closely with the Texas Blockchain Council, he forwarded the bill amending the United Commercial Code (UCC). The bill seeks to apply cryptocurrencies to existing commercial laws to cater to innovation around blockchain.
Note, the UCC aims to identify virtual assets such as Bitcoin in accordance with applicable commercial laws. The bill has similarities with the Wyoming State of Digital Assets (United States) which came into effect in July 2019.
Weakness of the Texas Bill
According to Caitlin Long of Avanti Financial Group, HB 4474 provides a more precise definition that allows judges to properly hear and the parties know their rights in the event of a dispute.
However, Caitlin was quick to point out a loophole in the Texas bill, in particular the lack of a clear definition of how lenders can establish enforceable claims against cryptocurrencies.
In addition to the lack of proper commercial laws defining these funds, crypto holders in the US, she predicts there will be a “mess.”
I think a mortgage mess has been built on Bitcoin. Bitcoin holders are at risk of being affected by old, unspecified funds on their coins, which they have no way of discovering before buying – and the higher the price of Bitcoin, the more such a financial incentive is. will be bigger.
However, passing the bill would be a step in the right direction, not only for Texas but also for other states that want to draw a similar path.
Get ready, the state of Wyoming is helping provide regulatory clarity in the current confusing landscape where cryptocurrency laws can vary from state to state.
Besides, there are several reports that both New York City and Miami are also looking to become the center of cryptocurrency and blockchain.
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