“The document draws a line of distinction between bitcoins and other digital currencies and sovereign currencies like the dollar. According to the memorandum, digital currencies are not recognized as legal tender in Texas because they lack backing from an institution like a central bank, do not have intrinsic value and do not carry any guarantees of redemption. Overall, the statements clarify the statutes which govern the establishment of third-party bitcoin exchanges that handle sovereign currencies, providing a clearer path for those who might seek licensure in Texas. As a result, the exchange of digital currency and sovereign currency does not qualify as a money transmission.”
http://www.coindesk.com/new-texas-memorandum-outlines-initial-bitcoin-exchange-guidelines/
Tip Freedomwat.ch Staff with Bitcoin