| 1 | 1 | | 86R14398 GRM-D |
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| 2 | 2 | | By: Stephenson H.B. No. 4371 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to digital currencies. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Subtitle A, Title 15, Business & Commerce Code, |
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| 10 | 10 | | is amended by adding Chapter 662 to read as follows: |
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| 11 | 11 | | CHAPTER 662. DIGITAL CURRENCIES |
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| 12 | 12 | | Sec. 662.0001. DEFINITIONS. In this chapter: |
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| 13 | 13 | | (1) "Digital currency" means an electronic form of |
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| 14 | 14 | | currency that can be denominated to sovereign currency and employs |
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| 15 | 15 | | the use of a distributed ledger. |
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| 16 | 16 | | (2) "Digital wallet" means an electronic device or |
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| 17 | 17 | | online service that allows a person to pay for transactions using |
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| 18 | 18 | | digital currency. |
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| 19 | 19 | | (3) "Distributed ledger" means a structured data |
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| 20 | 20 | | representation that grows only by appending new data, authenticates |
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| 21 | 21 | | users with strong cryptography, and leverages economic incentives |
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| 22 | 22 | | to encourage users to manage and secure updates. |
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| 23 | 23 | | (4) "Verified identity digital currency" means a |
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| 24 | 24 | | digital currency that allows the true identities of the sender and |
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| 25 | 25 | | the receiver to be known before a person has access to another |
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| 26 | 26 | | person's digital wallet. |
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| 27 | 27 | | Sec. 662.0002. VERIFICATION OF IDENTITY REQUIRED. (a) |
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| 28 | 28 | | Before accepting payment by a digital currency, a person must |
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| 29 | 29 | | verify the identity of the person sending payment. A person is not |
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| 30 | 30 | | required to verify the identify of a person sending payment if the |
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| 31 | 31 | | payment is sent by a verified identity digital currency. |
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| 32 | 32 | | (b) This state may not use a digital currency that is not a |
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| 33 | 33 | | verified identity digital currency. |
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| 34 | 34 | | Sec. 662.0003. VERIFIED IDENTITY DIGITAL CURRENCY |
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| 35 | 35 | | AWARENESS. (a) The Texas Department of Banking, Credit Union |
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| 36 | 36 | | Commission, Texas Department of Public Safety, and State Securities |
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| 37 | 37 | | Board shall collaborate to encourage the use of verified identity |
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| 38 | 38 | | digital currencies. |
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| 39 | 39 | | (b) The agencies listed in Subsection (a) shall: |
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| 40 | 40 | | (1) provide tools for people to distinguish a verified |
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| 41 | 41 | | identity digital currency from digital currencies that allow users |
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| 42 | 42 | | to remain anonymous; |
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| 43 | 43 | | (2) educate law enforcement agencies on digital |
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| 44 | 44 | | currencies; and |
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| 45 | 45 | | (3) promote the use of verified identity digital |
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| 46 | 46 | | currencies. |
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| 47 | 47 | | (c) The Finance Commission of Texas, Credit Union |
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| 48 | 48 | | Commission, Texas Department of Public Safety, and State Securities |
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| 49 | 49 | | Board shall adopt rules to implement this section. |
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| 50 | 50 | | SECTION 2. This Act takes effect September 1, 2019. |
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