Texas regulator allows state-chartered banks to hold Bitcoin
The Texas House of Representatives passed a bill to recognize cryptocurrencies under commercial law last month. A Texas state regulator has officially affirmed that Texas state-chartered banks are allowed to store cryptocurrencies like Bitcoin (BTC) for their customers.The Texas Department of Banking, a state regulatory agency chartering state banks and supervising financial services, issued a notice on Thursday stating that local banks are permitted to provide crypto services in the state.The agency noted that Texas banks “may provide customers with virtual currency custody services, so....
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The Texas Department of Banking has announced that state-chartered banks can provide cryptocurrency custody services. “The Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists,” the banking authority said. Texas State-Chartered Banks Officially Authorized to Offer Crypto Custody Services The Texas Department of Banking issued a notice to the banking industry Thursday, stating: Texas state-chartered banks may provide customers with virtual currency custody services, so long as the bank has adequate....
The Texas Department of Banking issued a notice reaffirming that state-chartered banks can provide bitcoin custody services.
The Texas State Securities Board (TSSB) has announced a series of enforcement actions against 15 online investment entities that illegally market cryptocurrency, binary options, and forex investments in Texas. Fake Social Media Accounts The regulator alleges that operators of the companies are using their social media skills as well as the internet to mask the fraudulent nature of their operations. The emergency enforcement order, therefore, stops the flagged companies from continuing to operate from the state of Texas until they get a license from the regulator. Meanwhile, in his comments....
The Texas securities commissioner has entered emergency cease and desist orders to stop three cryptocurrency investment platforms from duping investors in the state. One scheme operates under the name “Binance Assets.” The regulator has found that all three platforms are fraudulent. Texas Seeks to Stop 3 Crypto Platforms Operating in the State Texas Securities Commissioner Travis J. Iles entered a pair of emergency cease and desist orders Monday targeting three unregistered online cryptocurrency investment platforms. They are Delta Crypt Ltd. (also known as Binance Assets),....
Scott Beck, the CEO of United Texas Bank, claimed that stablecoin issuers like Circle were “effectively sucking deposits out of the banking industry.” Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms.Speaking before the Texas Work Group on Blockchain Matters in Austin on Friday, Beck suggested limiting the issuance of U.S. dollar-backed stablecoins to licensed banks rather than issuers like Circle. The United Texas Bank CEO cited a November report....