Blockchain Legal Resource

On June 10, 2021, the Texas Department of Banking issued an industry notice addressing the authority of Texas state-chartered banks to provide virtual currency services to customers. This is a notable development as Texas has the most state-chartered banks of any state in the country.

Effective August 1, 2020, Louisiana has adopted a Virtual Currency Business Act. In doing so it becomes the second state after New York to require certain operators of virtual currency businesses to obtain a virtual currency license in order to conduct business in the state.

Nevada is the latest state to adopt statutory amendments accommodating blockchain. In the first two weeks of June, Nevada enacted the following new laws:

• SB161 – The act creates a regulatory sandbox in the Department of Business and Industry for any use of a new or emerging technology, or any novel use of an existing technology, to address a problem, provide a benefit or otherwise offer or provide a financial product or service that is determined by the Director of the Department not to be widely available in Nevada. The act is effective June 13, 2019 for the purpose of adopting any regulations and performing any other preparatory administrative tasks necessary to carry out the provisions of the act, and on January 1, 2020, for all other purposes.