United States of America: Introduction of Virtual Currency Bill into Texas House including virtual currencies in Uniform Commercial Code

House Bill 4474 (Virtual Currency Bill) was introduced into the Texas House on 12 March 2021. The Virtual Currency Bill amends the Texas Uniform Commercial Code to include virtual currencies and will be put in effect on September 1, 2021. The amendment includes a definition of "virtual currency" and aims to ensure that the application of essential business laws explicitly extends to cryptocurrencies and digital assets. Furthermore, the bill provides a clear definition of how control over virtual currency is established, including cases in which the control is shared.