3 Key Moments: Digital Asset Regulation in Texas
Texas has a rich history of leading the way when it comes to regulation of digital assets. Let’s take a quick look at three key milestones over the last decade.
In 2014, the Texas Department of Banking became the first state bank regulator in the nation to provide guidance on how digital asset transactions fit within the state’s money transmission regulatory framework.
In 2021, Texas became one of the early states in the nation to update its version of the Uniform Commercial Code with a specific definition of “virtual currency.” The update also expanded on the definition of a security interest in cryptocurrency.
In 2023, Texas became the first state to pass a crypto consumer protection bill. Governor Greg Abbott signed the bill into law in June. Among other items, the law mandates that digital asset service providers maintain adequate reserves and separately account for customer funds.
The Crypto Freedom Alliance of Texas believes the Lone Start State can continue leading the way on digital asset regulation, promoting jobs, economic growth, and consumer protection.
