For those who are always drumming over the scenario that cryptocurrencies are a hoax or their institutionalization is not real, the Texas House has passed a bill that provides cryptocurrencies with their legal status and authentication. This is a big step forward for the USA and the traders who have been reluctant during all of the previous crypto action, mainly because cryptocurrencies were not affiliated or recognized by the state.
The bill is known as the ‘virtual currency bill,’ and it has been passed by the Texas House of Representatives unanimously, which proves the willingness of the states to not only adopt but legalize all business taking place around crypto, definitely a sound step towards more intensive progress.
Previously even when Bitcoin reached a new all-time high, and other cryptocurrencies such as Ethereum were also bringing their best, a shadow of doubt always lingered that all this great run that has been going on for so long will just vanish with a single poof. But luckily, with the virtual currency bill passed, and in effect, the regulatory factors will cover the investors chiming in their investment into crypto for good; it also proposes the scenarios that further regulations will definitely be developed and implemented on cryptocurrency where necessary.
But all of this is for a good cause: to institutionalize cryptocurrency for good and tear that fake flair of fear that hovers around investor’s and financial organizations’ minds that if they put their money in crypto, then one day it will become non-existent.
Commercial transactions taking place in Texas could also be dealt with cryptocurrencies in terms of paying and receiving commercial goods by traders or common people. This really takes the crypto adoption in the USA to a whole other level; this bill and all of its artifacts are also included in the uniform commercial code, which makes all of it binding and in effect. This will definitely put out a series of events that will include the adoption of the cryptocurrency escalating in many parts of the USA and at the same time new regulations rolling in at an even faster rate.