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.

Jun 5, 2021 at 3:39 p.m. UTC
Updated Sep 14, 2021 at 1:06 p.m. UTC

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.

  • 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.
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