By Lucas Williams
Texas state is working on amending the state constitution to accommodate as a legal commodity. However, experts do believe that it is not going to happen any soon. The regime of Texas is driven by the goal to establish Texas as the world’s most crypto-friendly state. When it comes to Texas everything is bigger. That’s the reason Texas is striving forward to establish itself as the hotspot place for Bitcoin mining and trading.
However, recently the state of Texas has passed two bills that will ensure that cryptocurrency falls under the state’s commercial law. The came into effect on September first. As a result, bitcoin mining, and bitcoin trading are now legal in the state of Texas. The bills were signed into law by Governor Greg Abbott this past June. The bills have redefined virtual assets, also established the framework to control the virtual currency. However, the parameters of qualification of purchasers were also defined. These bills have considered all the regulatory aspects and make it easy for businesses to work with virtual assets.
Joseph Kelly, CEO of Unchained Capital a Bitcoin monetary offerings business enterprise primarily based in Austin — informed Cointelegraph that because of Texas’ cryptocurrency laws, their customers now have extra legal protection surrounding. The protection against the activities which include shopping Bitcoin or accepting it as collateral for loans. Kelly specifically talked about the bill H.B. 4474, he added that Bitcoin is of its kind and a relatively new phenomenon. However, previous lawmakers might have not thought anything like that. So, noting that previous laws were not suitable for regulating the commercial trade with the currency such as bitcoin. Kelly also added that in the past incomplete definitions, uncertain jurisdictions, and regulatory chaos has given a constant headache to the bitcoin service provider, traders, and regulators.
States that do have not to move fast enough to deal with these issues are still in chaos. However, Texas has experienced a smooth change in the operational paradigm. Recently a record number of Bitcoin ATMs are being installed on gas stations and shopping malls in the state of Texas. Experts have said that Texas has moved with bitcoin too fast. State’s innovative steps have improved regulatory relationship with a bitcoin exchange.
However, bringing in further rapid changes in State’s legal framework would not be easy, and neither would be that fast-paced. Texas as the state might compete with other states to establish itself as the world’s most favorable crypto state. However, legal frameworks have their complexities. So, bringing in further changes in State’s regulatory framework is a time taking task and it might involve federal approval as well.
Although it may take more time than the experts have predicted the good thing is that at least they are taking such a step. This is totally commendable.
This is a big move even though it’s only to the state level for now but it can prove to be significant in the history of cryptocurrencies if every country and state makes it a legal object.
Just imagine the popularity of cryptocurrencies if a state is making changes to its constitution to accommodate it. Cryptocurrencies are really the future.