FOX 7 Discussion: Blockchain tech growing in 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.

TBC president Lee Bratcher joins Rebecca Thomas to discuss the two pieces of legislation.

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