🌵Stablecoin issuers may need licenses in Texas, unlike most crypto startups
According to a recent memo from Texas Banking Commissioner Charles Cooper, stablecoins may qualify as money under existing law in Texas. Cryptocurrency is not considered "money" and running a crypto exchange does not count as a "currency exchange" which would require a license in the state. Stablecoins however may fall under existing definitions of “money” or “monetary value" because owners have a claim on sovereign currency assets underlying the tokens they possess.
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