United States of America: Implementation of Virtual Currency Bill including virtual currencies in Uniform Commercial Code

The Virtual Currency Bill is implemented and will amend the Texas Uniform Commercial Code to include virtual currencies. The amendment will include a definition of "virtual currency" and will ensure that the application of essential business laws explicitly extends to cryptocurrencies and digital assets. Furthermore, the bill provides a definition of how control over virtual currency can be established. Finally, control can be established regardless of whether the power to control is shared, which will prove essential for banks and non-bank institutions to provide virtual currency services.