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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.

By Kevin Reynolds
AccessTimeIconJun 5, 2021 at 3:39 p.m. UTC
Updated Sep 14, 2021 at 1:06 p.m. UTC
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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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