TL; DR Breakdown
โข The state governor will create a law based on SEC regulations on cryptocurrencies.
โข Texas has become the leading state in accepting crypto trading.
Recently the Texas Ethics Commission spoke about the contributions and donations in cryptocurrencies that have been very frequent today. The agency seeks to include a condition for cryptocurrencies, so these contributions are legal.
If the law supporting cryptocurrency donations is passed, all of this income must be shown as an investment or contribution for a specific area. In this way, the committee in the state of Texas would be enabling crypto contributions in compliance with the laws of the SEC, IRS and FEC.
Texas Ethics Commission Seeks to Allow Strategic Contributions in Crypto
Crypto contributions in the political arena have reportedly been made for now, but not legally as expected by the Texas Ethics Commission. Therefore, the agency seeks to develop a law approved by national regulators such as the SECOND so that officials, committees and candidates can accept cryptocurrencies.
This rule will not force donors to send their money in cryptocurrency, but it is optional, as directed by the committee.
This law shows that all government and political work will not use cryptocurrency directly, but must be exchanged for fiat currency. The committee also clarifies that donors must report the money they have sent on the spot to avoid volatility in the crypto market. In this way, control would be maintained with crypto transactions.
For this movement in crypto to be legalized, each donor will be a national and not a foreign inhabitant. The commission focuses on the reform through law 571.062 that allows the body in Texas to take measures to administer the certificate number 15 of the voter manual.
Texas seeks to adopt cryptocurrencies
As the second most populous state in the United States of America after California, Texas has been making laws for trading cryptocurrencies. The state recently authorized two plans to use the cryptocurrency-based system. Blockchain network, which makes it one of the most receptive regions towards this new financial market.
However, the committee did not stop there because it is now looking for a law that accepts crypto contributions such as Bitcoin. According to local media reports, behind this legal plan is Greg Abbott, the state governor. The project seeks to address the crypto market to be used in commercial areas with legality.
As legal disputes continue in Texas, cryptocurrency trading is on the rise, demonstrating its great potential. Bitcoin, for example, is trading above $ 61,000 with a slight loss of 0.41 percent of its value in 24 hours. But Ethereum continues its bullish streak with a value of $ 4,082, maintaining its rise of 2.45 percent in 24 hours.
Both cryptocurrencies are expected to hit new all-time highs in the last week of October, considering the growing wave of adoptions.
