Market

Texas Proposes Bill To Support Cryptocurrency Donations

Electronic donation or donations are very popular these days. Recently, the Texas Ethics Commission spoke about it when Texas proposed a cryptocurrency donation support bill to make it legal.

Texas is proposing a bill to support crypto donations

Texas is proposing a bill to support crypto donations

Cryptocurrency contributions in the political arena are said to continue to run so far, but not as legally as the Texas Ethics Commission expected. Therefore, the agency is aiming to develop a law approved by national regulators like the SEC to allow officials, committees and candidates to accept cryptocurrencies.

When a law to support crypto contributions is passed, all of this income must be accounted for as an investment or contribution to a particular region. This is how the Texas state commission will allow cryptocurrency contributions in accordance with the laws of the SEC, IRS, and FEC.

This rule does not force sponsors to deposit their funds in cryptocurrency, but it is optional as stated by the committee.

This law suggests that all government and political work does not use cryptocurrencies directly, but must be exchanged for fiat. The commission also made it clear that sponsors must report the amount they have deposited on the spot in order to avoid the existing volatility in the crypto market. This way, control of cryptocurrency transactions is maintained.

In order for this crypto movement to be legalized, every donor will be a citizen and not a foreigner. The commission focused on Reform Act 571.062, which would allow the Texas Authority to implement measures to administer Certificate No. 15 of the Voters Handbook.

Texas wants to introduce cryptocurrency

As the second largest state in the United States after California, Texas has introduced cryptocurrency trading laws. The state recently approved the use of a cryptocurrency-based blockchain network, making it one of the most receptive regions to this new financial market.

The agency doesn’t stop there, however, as it is now looking for a law that will accept donations in cryptocurrencies like Bitcoin. According to local media, Greg Abbott, the state governor, is behind the bill. The project aims to address the cryptocurrency market used in commercial sectors with legitimacy.

As the regulatory disputes persist in Texas, cryptocurrency trading is increasing and showing its enormous potential. For example, Bitcoin was trading above $ 61,000, with a slight loss of 0.41% of its value in 24 hours. But Ethereum continues its upward momentum with a value of $ 4,082 and sustaining a gain of 2.45 percent over 24 hours.

Both cryptocurrencies are expected to hit new all-time highs in the last week of October, indicating a growing wave of adoption.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

10 minutes ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

55 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

1 hour ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

1 hour ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

4 hours ago

This website uses cookies.