FOX 7 Discussion: Blockchain tech growing in Texas
FOX 7 Discussion: Blockchain tech growing in Texas
Texas Blockchain Council president Lee Bratcher joins Rebecca Thomas to discuss two pieces of legislation related to blockchain technology.
AUSTIN, Texas - Blockchain is growing rapidly in Texas, prompting state lawmakers to take a look at the emerging technology.
The Texas Blockchain Council says it spearheaded the passage of two major pieces of blockchain-related legislation during the recent legislative session: HB 1576 and HB 4474.
HB 1576 mandates the establishment of a Blockchain Work Group for the state in order to formulate blockchain-related policy recommendations. 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.