AUSTIN, Texas—The Texas Blockchain Council (TBC) said it spearheaded the passage of two major pieces of blockchain-related legislation during the 87th Texas State Legislative Session: HB 1576, the "Blockchain Work Group Bill", and HB 4474, the "Virtual Currencies Bill."
The TBC helped research and generate support for both bills, Business Insider said.
HB 1576 mandates the establishment of a Blockchain Work Group for the State of Texas, comprised of legislators and private citizens with subject-matter expertise on blockchain technology, in order to formulate blockchain-related policy recommendations for the State. HB 4474 updates the Texas Uniform Commercial Code to define virtual currencies, how control over such currencies is established, and how a security interest in a virtual currency is perfected. In addition, the UCC amendment clarifies how a virtual currency would be used to make payments and in loan disputes.
The bills enjoyed broad, bipartisan support, with Representative Tan Parker (R) and Senator Angela Paxton (R) championing them in their respective chambers. Texas Governor Greg Abbott (R) also vocally supported both bills on social media and signed them into law in June. The impact of the legislation was felt immediately, when on June 10th the Texas Department of Banking affirmed that banks chartered in Texas may custody virtual currencies, Business Insider said.
Seeking to be a ‘Leader’
"Working closely with our champions in the Texas Senate and House of Representatives, the Texas Blockchain Council ensured that blockchain technology remained a priority for our state during a legislative session where many other pressing issues competed for legislators' attention,” said Lee Bratcher, president of the Texas Blockchain Council. “This reflects our mission of making Texas a leader in blockchain innovation."