Stablecoin Issuers May Need Licenses in Texas, Unlike Most Crypto Startups

Stablecoins may qualify as “money” under Texas law, according to updated guidance from the state Department of Banking.

A memo published Wednesday by Texas Banking Commissioner Charles Cooper outlines how cryptocurrencies are to be treated under local and federal regulations, in particular adding details of how stablecoins backed by sovereign, or fiat, currencies may be assessed.

The guidance builds upon a previous memo released by the state in 2014, which described how cryptocurrency companies with operations in Texas should treat the nascent asset class.

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