Texas government signs law creating legal framework for cryptocurrency investments

Texas Governor Greg Abbott has signed a measure to create a legal framework for cryptocurrencies and blockchain, following the crypto-friendly actions of Wyoming and Miami Mayor Francis Suarez, hoping to make Texas attractive to the cryptocurrency industry.

• The new law amends Texas' Uniform Commercial Code to better adapt commercial law to blockchain and digital assets, formally defines virtual currency, and provides a legal environment for cryptocurrency investments for individuals and businesses.

• According to the National Law Review, approximately 25 states are considering blockchain/digital asset-related measures in the 2021 legislative session.