ANALYSIS: Texas Leaders, Bank Regulators Welcome Cryptocurrency

Texas state government officials have followed months of discussion on the merits of growing crypto business for the state with final actions to encourage it. In past years, Texas was a leader in state enforcement actions against crypto companies after the 2017 initial coin offering (ICO) boom, when fraudulent token sales were a leading concern. Now, the state is moving to lure crypto businesses with both legislation and executive action.

The Texas Legislature passed House Bill 4474, which amends the state’s Uniform Commercial Code (UCC) to clarify how the UCC applies to virtual currency transactions. The amendments define virtual ...