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