The Governor of Texas, Greg Abbott has signed a law banning “Zuckerbucks”or money funneled by private groups for administering state elections.
He disclosed this in a tweet on Sunday morning.
The governor explained that the aim of the law was to prevent “election influencers” from determining the outcome of elections.
“I just signed a law banning ‘Zuckerbucks’ in Texas.
“It bans private groups like the one supported by Zuckerberg from spending millions to administer elections like Zuckerberg & others did in Texas.
“That is a government function not to be messed with by election influencers,” Abbott wrote.
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The governor also announced he had signed the “Virtual Currency Bill” into law in the state.
The new law passed by both chambers of the state legislature in May positions Texas as a leader in the billion-dollar crypto business.
The new law formally defines “virtual currency” and outlines guidelines for cryptocurrency businesses in the state.
“I just signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction. It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it,” Abbott wrote in another tweet.