Currently, there are 25 states in the United States debating legislation regarding cryptocurrencies
Regulation and laying down of laws for the cryptocurrency market would positively affect the arena and attract more institutional funds.
Texas lawmakers have passed a cryptocurrency bill that seeks to create a legal framework for bitcoin investments in the region.
The “digital currency bill” was approved in the Texas Senate, and this bill will go to Governor “Greg Abbott” to sign it for the final signature to become law in effect.
With the bill, it can be said that there has been legal clarity about identifying cryptocurrencies and providing a series of guidelines to Texas companies wishing to participate in the cryptocurrency business.
Among the legal definitions carried by the draft law, which is awaiting approval by the ruler:
Virtual currency stands for the digital representation of a value that:
(A) Used as a medium of exchange, unit of account or store of value; (B) It is not a legal tender, whether or not it is based on legal tender; It does not include: a transaction in which the merchant, as part of a convergence or rewards program, grants a value that cannot be taken from the merchant or exchanged for legal tender, bank credit, or virtual currency; Or (b) a digital representation of value issued by or on behalf of a publisher and used only within an online game, game console, or game collection sold by the same publisher or offered on the same game platform.
The United States of America discusses cryptocurrency market legislation:
On April 14, 2021, the digital currency bill was discussed in a public hearing by the Texas House of Representatives’ Pension, Investments and Financial Services Committee.
With further talks on revised versions of the bills on April 16th, receiving unanimous bipartisan support.
As of the time this article was published, 25 states in the USA are considering legislation on cryptocurrencies.
These states include Alabama that has indefinitely postponed talks on cryptocurrency law, and Massachusetts, which has House Act 126 that seeks to create special committees and members of the General Court on blockchain and cryptocurrencies.