{ "jurisdiction_id": "US-TX", "jurisdiction": "United States – Texas", "url": "https://payments.gi/jurisdictions/united-states-texas/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 57, "source_register": 138 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-texas/#w1a-licensing-authorisation-market-access", "standing_position": "Texas regulates money transmission — including stablecoin issuance — under Texas Finance Code Chapter 152 (the Money Services Modernization Act of 2023), administered by the Texas Department of Banking. Texas takes a crypto-receptive posture: ordinary cryptocurrency exchange is generally not money transmission, but fiat-backed, redeemable stablecoin activity is licensable MSB activity. DOB has confirmed continued licensing consistent with the GENIUS Act.", "findings": [ { "finding": null, "instrument_type": "Texas Finance Code Chapter 152 (Money Services Modernization Act)", "source": "https://www.dob.texas.gov/applications-forms-publications/notice-applicants", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Finance Code Chapter 152 / 7 TAC application rules", "source": "https://www.dob.texas.gov/applications-forms-publications/general-application-requirements", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Finance Code Section 151.302 / practitioner summary", "source": "https://legalclarity.org/texas-money-transmitter-license-who-needs-it-and-how-to-apply/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Finance Code Chapter 160 (Digital Asset Service Providers)", "source": "https://law.justia.com/codes/texas/finance-code/title-3/subtitle-e/chapter-160/section-160-001/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Securities Act (parallel securities-law overlay)", "source": "https://www.ssb.texas.gov/cryptocurrency-enforcement", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Texas has no segregation/trust-account safeguarding regime akin to EU/UK client-money rules; consumer protection is instead delivered through minimum net-worth and surety-bond requirements, TDB supervisory oversight, and marketing/advertising restrictions preventing non-banks from implying bank status. The Texas Banking Act and TDB Supervisory Memoranda (e.g., SM-1043) police financial-service marketing, and the Deceptive Trade Practices Act (DTPA) provides a broad private/public conduct backstop.", "findings": [ { "finding": null, "instrument_type": "Supervisory Memorandum SM-1043", "source": "https://www.dob.texas.gov/sites/default/files/files/Laws-Regulations/New-Actions/sm1043.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Banking Act", "source": "https://www.dob.texas.gov/sites/default/files/files/Laws-Regulations/New-Actions/sm1043.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Surety bond safeguarding mechanism", "source": "https://www.jwsuretybonds.com/states/texas/money-transmitter-bond", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Deceptive Trade Practices Act (DTPA), Bus. & Com. Code Ch. 17", "source": "https://texaslawhelp.org/article/deceptive-trade-practices-act-protections-for-consumers", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w2-stablecoins-digital-money", "standing_position": "Texas regulates fiat-backed stablecoin under the existing money-transmission framework (MSMA) rather than a bespoke stablecoin statute, treating redeemable, reserve-backed stablecoin as 'money'/'monetary value' subject to licensing, while a dedicated Chapter 160 overlay imposes proof-of-reserves and anti-commingling duties on custodial digital-asset platforms. Texas has simultaneously enacted an explicit statutory bar on any state-authorised centralized/central-bank digital currency and has piloted its own gold-backed digital currency concept via the Comptroller.", "findings": [ { "finding": null, "instrument_type": "Supervisory Memorandum SM-1037 (revised)", "source": "https://www.dob.texas.gov/public/uploads/files/consumer-information/sm1037.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Finance Code Chapter 160", "source": "https://www.paulhastings.com/insights/crypto-policy-tracker/state-level-developments-the-regulatory-landscape-for-digital-assets", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Finance Code Section 152.006", "source": "https://law.justia.com/codes/texas/2023/finance-code/title-3/subtitle-e/chapter-152/subchapter-a/section-152-006/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Senate Bill 2334 (Texas gold-backed digital currency)", "source": "https://capitol.texas.gov/tlodocs/88R/analysis/html/SB02334I.htm", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "GENIUS Act (federal payment-stablecoin framework)", "source": "https://www.dob.texas.gov/money-services-businesses", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w3-operational-resilience-critical-infrastructure", "standing_position": "Texas imposes a dedicated cybersecurity-incident notification rule on money services businesses (7 TAC §33.30), requiring confidential reporting to the Banking Commissioner of material incidents, layered on top of federal BSA/SAR obligations. A separate operational-resilience vector specific to Texas is the state's large Bitcoin-mining footprint and its material draw on the ERCOT electric grid, which has become a live regulatory/disclosure flashpoint.", "findings": [ { "finding": null, "instrument_type": "7 TAC §33.30 (Notice of Cybersecurity Incident, Money Services Businesses)", "source": "https://www.dob.texas.gov/cybersecurity-incident-report", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "7 TAC §33.30", "source": "https://regulations.justia.com/states/texas/title-7/part-2/chapter-33/section-33-30/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Ransomware Self-Assessment Tool (R-SAT), Notice 2024-08", "source": "https://www.dob.texas.gov/money-services-businesses", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Public Utility Commission of Texas / ERCOT grid exposure", "source": "https://www.texastribune.org/2025/08/11/texas-public-utility-commission-cryptocurrency-mining-power-lawsuit/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w4-scheme-network-compliance", "standing_position": "Texas permits credit-card surcharging (statutory ban rendered unenforceable by a 2018 federal court ruling) subject to a 4% cap and card-network disclosure rules, while a debit-card 'surcharge' is treated as an interchange fee and remains prohibited; Texas is also one of roughly a dozen states actively considering (but has not yet enacted) an Illinois-style bill barring swipe fees on sales tax and tips.", "findings": [ { "finding": null, "instrument_type": "Texas surcharge statute / 2018 federal injunction", "source": "https://www.getflexpoint.com/credit-card-surcharging-us-states/texas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Card-network surcharge rules", "source": "https://www.justanswer.com/law/nwb3x-okay-business-owner-add-card-processing-fee.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange Fee Prohibition bill (proposed, not enacted)", "source": "https://www.paymentsdive.com/news/interchange-card-swipe-fee-state-legislature-bills-illinois/743826/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas SB1541 (2023 swipe-fee bill)", "source": "https://legiscan.com/TX/text/SB1541/id/2726478", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w5-payment-corridor-dynamics", "standing_position": "Texas is one of the top-three U.S. states of origin for outbound remittances to Mexico (alongside California and Minnesota), sitting inside the U.S.-Mexico corridor that the Dallas Fed studies directly given its District's border exposure. The corridor is undergoing a digital-first market-share shift, with crypto/stablecoin rails (e.g., Bitso) capturing a growing share alongside traditional MTOs, and the Federal Reserve's Dallas-administered FedGlobal Mexico / Directo a México ACH channel offering a bank-based low-cost alternative.", "findings": [ { "finding": null, "instrument_type": "Dallas Fed remittance research", "source": "https://www.dallasfed.org/research/economics/2021/0629", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Dallas Fed corridor cost analysis", "source": "https://www.dallasfed.org/banking/pubs/dfb/2025/2504-dunbar-remit", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FedGlobal Mexico Service / Directo a México", "source": "https://www.frbservices.org/financial-services/ach/fedglobal/mexico.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Stablecoin/crypto remittance rail", "source": "https://www.getpurefi.com/blog/crypto-remittances/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-texas/#w6-industry-structure-commercial-dynamics", "standing_position": "Texas ranks second nationally in crypto-crime dollar losses (~USD1bn, FBI 2025 IC3) and records the highest adjusted crypto-ATM fraud losses of any state (USD56.8m), partly attributed to its permissive, crypto-receptive MSB licensing posture.", "findings": [ { "finding": null, "instrument_type": "Market-structure development (exchanges)", "source": "https://businessintexas.com/business-growth-and-expansion/5-reasons-texas-is-the-new-financial-hub/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Incumbent payments provider footprint", "source": "https://www.inven.ai/company-lists/top-23-fintech-companies-in-texas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Fintech innovation cluster (private-company signal)", "source": "https://businessintexas.com/blog/how-ai-is-reshaping-texass-financial-sector-what-companies-need-to-know/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Private/venture-backed payments company", "source": "https://www.inven.ai/company-lists/top-23-fintech-companies-in-texas", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w7-legal-litigation", "standing_position": "Texas maintains an unusually active state-level digital-asset/payments enforcement posture, spearheaded by the Texas State Securities Board (70+ administrative orders against crypto firms) and Attorney General litigation both defending state digital-asset authority against federal SEC overreach and pursuing consumer-fraud actions; a Texas federal court has also delivered a nationally significant ruling vacating a FinCEN real-estate reporting rule.", "findings": [ { "finding": null, "instrument_type": "Texas State Securities Board enforcement orders", "source": "https://www.ssb.texas.gov/cryptocurrency-enforcement", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas Attorney General litigation vs. federal crypto regulation", "source": "https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-sues-biden-harris-administration-unlawful-regulations-against", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Eastern District of Texas ruling vacating FinCEN rule", "source": "https://www.mofo.com/resources/insights/260421-the-anti-money-laundering-quarterly", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SEC enforcement / Texas crypto fraud litigation", "source": "https://www.cryptotimes.io/2026/05/30/sec-charges-texas-man-over-12-3m-ai-crypto-trading-fraud/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w8-merchant-acquiring-risk", "standing_position": "Texas has no bespoke merchant-acquiring licensing regime distinct from federal/network rules; acquiring risk controls flow through card-network merchant-onboarding rules, the state's conditionally-enforceable credit-card surcharge cap, and TDB's general MSB examination authority. High-risk-MCC treatment and chargeback/dispute mechanics are governed by network rulebooks rather than Texas statute.", "findings": [ { "finding": null, "instrument_type": "Surcharge/acquiring cost-recovery rules", "source": "https://www.getflexpoint.com/credit-card-surcharging-us-states/texas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "TDB MSB examination authority", "source": "https://www.dob.texas.gov/money-services-businesses", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Enforcement orders (KyckGlobal consent order)", "source": "https://www.dob.texas.gov/laws-regulations/enforcement-orders", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-texas/#w9-product-innovation-market-development", "standing_position": "Under the GENIUS Act, stablecoin issuers under USD10bn in outstanding issuance may remain under state supervision if the state regime is certified 'substantially similar' to the federal framework; Texas's qualification depends on federal certification of its Chapter 152 MSB-based regime.", "findings": [ { "finding": null, "instrument_type": "Finance Code Section 152.006", "source": "https://law.justia.com/codes/texas/2023/finance-code/title-3/subtitle-e/chapter-152/subchapter-a/section-152-006/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas gold-backed digital currency (Government Code Chapter 404A)", "source": "https://capitol.texas.gov/tlodocs/88R/analysis/html/SB02334I.htm", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas legislative resolution opposing CBDC", "source": "https://capitol.texas.gov/tlodocs/89R/analysis/html/SC00008F.htm", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Federal Reserve Payment Account proposal (2026)", "source": "https://www.mayerbrown.com/en/insights/publications/2026/05/federal-reserve-access-for-fintechs-executive-order-and-federal-reserve-payment-account-proposal-signal-potential-new-era-for-fintech-payment-access", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w10-consumer-protection-app-fraud", "standing_position": "Texas consumer protection in payments relies on the general-purpose Deceptive Trade Practices Act (treble-damages private right of action) plus TDB consumer-alert practice, rather than a payments-specific APP-fraud reimbursement mandate; there is no Texas equivalent of the UK's mandatory authorised-push-payment-fraud reimbursement regime, leaving federal Regulation E (limited to unauthorized transactions) as the operative backstop for authorised-payment scams.", "findings": [ { "finding": null, "instrument_type": "Texas DTPA, Bus. & Com. Code Ch. 17", "source": "https://texaslawhelp.org/article/deceptive-trade-practices-act-protections-for-consumers", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Texas AG Consumer Protection Division", "source": "https://www.texasattorneygeneral.gov/consumer-protection/file-consumer-complaint/consumer-rights", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "TDB Consumer Alerts", "source": "https://www.dob.texas.gov/news-and-events/press-2026", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Office of Consumer Credit Commissioner (OCCC)", "source": "https://guides.sll.texas.gov/consumer-protection", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Texas, as a major U.S. border state, sits at the centre of an escalating federal AML/CFT enforcement push against money services businesses, with a data-driven FinCEN southwest-border operation and a June 2026 joint Texas-Colorado enforcement action against a licensed money transmitter (Ramad Pay) for AML/CFT program deficiencies. Carried per Sentinel feed; no original illicit-finance analysis performed here.", "findings": [ { "finding": null, "instrument_type": "FinCEN Southwest Border MSB Operation", "source": "sentinel.home.treasury.gov/news/press-releases/sb0344", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Joint TX-CO consent order (Ramad Pay)", "source": "sentinel.mondaq.com/unitedstates/financial-services/1809378/texas-and-colorado-enter-into-a-joint-aml-enforcement-action-against-money-transmitter", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "TDB Enforcement Action (Ramad Pay, Inc.)", "source": "sentinel.dob.texas.gov/news-and-events/press-2026", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FinCEN Trump-administration enforcement priorities", "source": "sentinel.hklaw.com/en/insights/publications/2026/02/recent-fincen-actions-signal-trump-administrations-focus", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w12-correspondent-banking-settlement-access", "standing_position": "Texas payments settlement access runs through the Federal Reserve System (Federal Reserve Bank of Dallas district), with correspondent-banking and master-account access currently under significant federal reform: a May 2026 Executive Order and companion Federal Reserve 'Payment Account' proposal aim to expand direct, non-correspondent Fedwire/FedNow/NSS access for eligible fintech and stablecoin-issuer firms, while cross-border settlement to Mexico runs through the Dallas-Fed-linked FedGlobal Mexico Service / Directo a México channel.", "findings": [ { "finding": null, "instrument_type": "Executive Order 'Integrating Financial Technology Innovation into Regulatory Frameworks'", "source": "https://www.consumerfinancemonitor.com/2026/05/21/white-house-executive-order-signals-major-shift-in-federal-policy-for-fintechs-and-payment-systems/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Federal Reserve Payment Account proposal", "source": "https://www.foxrothschild.com/publications/the-fed-just-proposed-a-fast-track-for-fintechs-to-access-its-payment-system", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "FedGlobal Mexico Service / Directo a México", "source": "https://www.frbservices.org/financial-services/ach/fedglobal/mexico.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Bank consolidation affecting correspondent network (Comerica/Fifth Third)", "source": "https://www.fintechfutures.com/m-a/2025-top-five-fintech-m-a-stories-of-the-year", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-texas/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity touching Texas payments/banking centres on the Fifth Third-Comerica bank merger, continued Texas Stock Exchange capital formation, and smaller private fintech funding rounds (e.g., Coba), set against a national fintech/payments M&A upcycle (Global Payments-Worldpay, Capital One-Brex) that is drawing capital and talent toward Texas hubs.", "findings": [ { "finding": null, "instrument_type": "commercial_event: bank M&A", "source": "https://www.fintechfutures.com/m-a/2025-top-five-fintech-m-a-stories-of-the-year", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: exchange capital raise", "source": "https://businessintexas.com/business-growth-and-expansion/5-reasons-texas-is-the-new-financial-hub/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: seed funding", "source": "https://www.inven.ai/company-lists/top-23-fintech-companies-in-texas", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: campus investment", "source": "https://businessintexas.com/business-growth-and-expansion/5-reasons-texas-is-the-new-financial-hub/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }