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Texas Gov. Signs Law Creating Legal Framework for Crypto Investments

Texas Gov. Greg Abbott (R) late Friday signed into law a measure creating a legal framework for cryptocurrencies and blockchain in the hopes of making 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 the state’s 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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