Texas has officially passed Bitcoin Bill HB-4474 which officially recognizes bitcoin under its states commercial laws.
The bill passed both the House and the Senate and was signed into law by Governor Abbot in June, but on September 1st the bill went into effect.
Many are excited that the bill will increase the usage of cryptocurrency in Texas and even major store chains like H-E-B will now put crypto ATMS inside of their stores now that the bill has passed.
Now that cryptocurrency is recognized under commercial law many business owners will now no longer be hesitant accept Bitcoin payments.
You know what became law in #Texas today?
The #Bitcoin bill did — HB 4474!
This is bitcoin country, y'all. pic.twitter.com/vAZhx00iMH
— Christopher Calicott (@mecee) September 2, 2021
OFFICIAL: The Texas #Bitcoin bill (#4474) is now in effect.
The bill creates legal clarity for Bitcoin and recognizes it under the state’s commercial laws
(source below) pic.twitter.com/II1l3zfibe
— Blockworks (@Blockworks_) September 2, 2021
Coin Telegraph had more to add:
Two bills aimed at furthering the adoption of cryptocurrencies and blockchain are now law in the state of Texas.
Texas House Bills 4474 and 1576, passed by both chambers in the state legislature in May and signed into law by Governor Greg Abbott in June, officially took effect on Sept. 1. H.B. 1576 establishes a blockchain working group in Texas, while H.B. 4474 amends the state’s Uniform Commercial Code to recognize cryptocurrencies under commercial law.
Lee Bratcher, president of the Texas Blockchain Council, told Cointelegraph that H.B. 4474 better defines the security interests for Bitcoin (BTC) and other cryptocurrencies to “allow institutional investors to get involved with sizable investments.” He added that the Texas Banking Commissioner and the Texas Department of Banking announced in June that banks with a state charter can custody cryptocurrencies under certain circumstances.
“This is positive for crypto generally because Texas became the 4th U.S. state, behind Wyoming, Rhode Island and Nebraska, to clarify the commercial law status of these assets,” Wyoming-based crypto proponent Caitlin Long told Cointelegraph. “This means parties to transactions have clarity regarding their legal rights and obligations, judges have a roadmap to adjudicate disputes, and lenders know they have an enforceable lien on the crypto pledged as collateral for collateralized loans.”
— ⚡ Ant (@2140data) September 2, 2021
As of right now Texas is the biggest state to recognize cryptocurrency under their tax laws and by doing so it will create a ripple effect that will slowly increase the value of Bitcoin.
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