Crypto-friendly legal environment in Texas

As the news of a gigantic new spending plan of $6 Tr (!) proposed by President Biden hits the Internet, some American states prove that they think long-term by heading towards including crypto in their economy.

Yesterday Texas state Senate passed the “Virtual Currency Bill” that formally defines cryptocurrencies and creates a clear legal environment for their development. With a pro-crypto governor and a brand new crypto law, Texas will be competing with other crypto-friendly states Wyoming and Florida for attracting crypto companies and investments.

So while the Federal Treasury head Janet Yellen assures that everything will be ok and the current inflation will disappear (magic?), the Americans who are preoccupied by their country’s debt exceeding 100% GDP (i.e. the size of the whole economy) will be able to bet on crypto, at least in some states.