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Texas Governor Signs Law Creating Legal Framework for Crypto Investments
The law amends adapts commercial law to blockchain and digital assets, and defines virtual currencies.
Texas Gov. Greg Abbott (R) late Friday signed into law a measure creating a legal framework for cryptocurrencies and blockchain. The idea is to make his state a magnet for the industry, the way Wyoming has become and what Miami Mayor Francis Suarez is trying to do with that city.
STORY CONTINUES BELOW
Blockchain is a booming industry that Texas needs to be involved in.
— Greg Abbott (@GregAbbott_TX) June 5, 2021
I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.#Blockchain #Bitcoin#cryptocurrency pic.twitter.com/bMKXxxYooe
- The new law amends Texas' Uniform Commercial Code to better adapt commercial law to blockchain and digital assets, formally defines virtual currencies and offers individuals and businesses a legal environment for crypto investment.
- According to the National Law Review, about 25 states are considering blockchain and/or digital asset-related measures in their 2021 legislative sessions.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
