Texas House Bills 4474 and 1576 went into effect on September 1 after being <a href="https://capitol.texas.gov/BillLookup/Actions.aspx?LegSess=87R&amp;Bill=HB1576" target="_blank" rel="nofollow noopener">signed </a>into law by Governor Greg Abbott in June. Two measures are aimed to make cryptocurrency and blockchain legal under business law. 
<h2>Cryptocurrency Is Now Legal in Texas Under Business Law</h2>
According to Lee Bratcher, President of the Texas Blockchain Council, H.B. 4474 better specifies the security interests in Bitcoin (BTC) and other cryptocurrencies, allowing "institutional investors to become engaged with significant investments." 

He further stated that the Texas Banking Commissioner and the Texas Department of Banking <a href="https://www.dob.texas.gov/consumer-information/virtual-currency-guidance" target="_blank" rel="nofollow noopener">declared </a>in June that banks with a state franchise can store cryptocurrency under specific conditions.
"This is good for crypto in general since Texas became the fourth U.S. state, after Wyoming, Rhode Island, and Nebraska, to define the commercial legal position of digital assets," Wyoming-based crypto advocate Caitlin Long said. 
"This implies that parties to transactions have clarity about their legal rights and duties, judges have a roadmap for resolving disputes, and lenders know they have an enforceable lien on the crypto pledged as collateral for collateralized loans."
In March, Texas Blockchain Council’s head stated that Texas' adaptation of commercial law to blockchain innovation and digital asset laws may move the state closer to Wyoming, which has a <a href="https://www.cryptoknowmics.com/news/wyoming-passes-dao-crypto-bill-with-an-overwhelming-majority/">Digital Asset Law</a> that entered into force in July 2019. 

Governor Abbott previously <a href="https://twitter.com/GregAbbott_TX/status/1376408028875001868" target="_blank" rel="nofollow noopener">identified </a>himself as a “crypto legislation proposal supporter,” particularly referring to H.B. 4474, which appeared to urge crypto mining companies to operate in Texas.
<h2>Bitcoin Mining Facilities Available in Texas</h2>
Texas, the second-largest state in the United States renowned for its Southern friendliness, is <a href="https://www.cryptoknowmics.com/news/texas-senator-ted-cruz-acknowledges-his-support-for-the-bitcoin-industry/">welcoming the hordes</a> of Bitcoin (BTC) miners who have lately come to the region. 

Following China's ban on crypto mining in May, several Bitcoin mining businesses have migrated to The Lone Star State to continue the business.

This, however, should not be surprising. Texas may be the best place for Bitcoin mining for apparent reasons, such as its deregulated power grid, more renewable energy, and overtly pro-crypto government figures. 

Texas Governor Greg Abbot recently <a href="https://twitter.com/GregAbbott_TX/status/1406104291950071808" target="_blank" rel="nofollow noopener">tweeted </a>his excitement about Texas becoming the next "crypto leader," highlighting the recent inclusion of Bitcoin kiosks in grocery shops.

[embed]https://twitter.com/GregAbbott_TX/status/1406104291950071808[/embed]

While all of these factors make Texas desirable for Bitcoin miners wanting to set up shop, rural towns seeking economic progress have become an unnoticed aspect drawing mining firms to Texas.

Cryptocurrency Is Now Legal Under Business Law in Texas

Texas House Bills 4474, 1576 went into effect on September 1 when Greg Abbott signed them, making cryptocurrency legal in the state under commercial law.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Cryptocurrency Is Now Legal Under Business Law in Texas

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