Members of the Texas House of Representatives have reportedly granted their go-ahead to a bill, which has a goal of recognizing cryptocurrencies under commercial law in the state.

Specifically, as mentioned during a session of the 87th Texas Legislature on May 12th, legislators have reportedly provided their approval for a proposed amendment to the state’s Uniform Commercial Code (UCC), which looks to streamline the adaptation efforts of commercial law into blockchain innovation and virtual asset regulations.

Initially proposed by Representative Tan Parker in March this year, House Bill 4474 will reportedly offer assistance in providing definition to cryptocurrencies in the UCC. 

The bill will now be moved to the Texas Senate for additional proposed amendments and possibly a final vote. If the approval process with the senate for the crypto law runs smoothly, Texas Governor Greg Abbott can put the bill into immediately effective law. 

Abbott has reportedly already shared that he is a “crypto law proposal supporter” – particularly referring to HB 4474 — and appeared to express a pro-attitude for crypto mining entities to establish shops across the state. 

Lee Bratcher, president of the Texas Blockchain Council, reportedly revealed that the bill could help Texas move a step nearer its goal of becoming a crypto-friendly state in the nation, to clarify the definition of virtual currencies for businesses. 

Wyoming has reportedly captured the interests of numerous big players including Ripple. In 2020, the Wyoming State Banking Board provided exchange heavyweight Kraken with a charter to function as a crypto-friendly bank, and granted Avanti the go-ahead to receive and custody crypto in a similar manner.