Texas Blockchain Council Spearheads Passage of Two Blockchain Laws
Alastair Caithness
Strategic Business Development Leader | 15+ Years in Fintech, Energy, SaaS and Financial Sectors | ?? Mental Health Advocate | Follow for Energy, Bitcoin and Blockchain updates!
AUSTIN, Texas,?July 14, 2021?/PRNewswire/ --?The?Texas Blockchain Council?announced today that it spearheaded the passage of two major pieces of blockchain-related legislation during the 87th?Texas State Legislative Session:?HB 1576,?the "Blockchain Work Group Bill", and?HB 4474?the "Virtual Currencies Bill". The TBC helped research and generate support for both bills.
HB 1576 mandates the establishment of a Blockchain Work Group for the?State of Texas, comprised of legislators and private citizens with subject-matter expertise on blockchain technology, in order to formulate blockchain-related policy recommendations for the State. HB 4474 updates the Texas Uniform Commercial Code to define virtual currencies, how control over such currencies is established, and how a security interest in a virtual currency is perfected. In addition, the UCC amendment clarifies how a virtual currency would be used to make payments and in loan disputes.
The bills enjoyed broad, bipartisan support, with Representative?Tan Parker?and Senator?Angela Paxton?championing them in their respective chambers.?Texas?Governor?Greg Abbott?also vocally supported?both bills?on?social media?and signed them into law in June. The impact of the legislation was felt immediately, when on?June 10th?the Texas Department of Banking affirmed that?banks chartered in?Texas?may custody virtual currencies.
Lee Bratcher, President of the Texas Blockchain Council, described how the TBC is keeping the momentum behind blockchain technology strong: "Working closely with our champions in the?Texas?Senate and House of Representatives, the Texas Blockchain Council ensured that blockchain technology remained a priority for our State during a Legislative Session where many other pressing issues competed for legislators' attention. This reflects our mission of making?Texas?a leader in blockchain innovation."
Natalie Smolenski, Chair of the Board of the Texas Blockchain Council, added: "These two laws are the opening salvo letting the world know that?Texas?is open for blockchain business. As an entrepreneur working on blockchain technology in?Texas?since 2015, this has sent a signal that?Texas?welcomes value creators like us with open arms."
The Texas Blockchain Council is hosting the inaugural?Texas Blockchain Summit?in?Austin?on?October 8th.?Register here.
To join the Texas Blockchain Council, please contact:?[email protected]?
For press inquiries, please contact:?[email protected]?
SOURCE Texas Blockchain Council
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