Texas § BC.12.004 - CONTROL OF VIRTUAL CURRENCY
Full text of Texas The Texas Constitution § BC.12.004 — CONTROL OF VIRTUAL CURRENCY, with citation guidance and answers to common questions.
§ BC.12.004. CONTROL OF VIRTUAL CURRENCY
CONTROL OF VIRTUAL CURRENCY. (a) A person has control of a virtual currency if the following conditions are met: (1) the virtual currency or the system in which the virtual currency is recorded, if any, gives the person: (A) the power to derive substantially all the benefit from the virtual currency; (B) subject to Subsection (b), the exclusive power to prevent others from deriving substantially all the benefit from the virtual currency; and (C) subject to Subsection (b), the exclusive power to transfer control of the virtual currency to another person or cause another person to obtain control of a virtual currency that derives from the virtual currency; and (2) the virtual currency, a record attached to or logically associated with the virtual currency, or the system in which the virtual currency is recorded, if any, enables the person to readily identify the person as having the powers specified in Subdivision (1). (b) A power specified in Subsection (a)(1)(B) or (C) can be exclusive, even if: (1) the virtual currency or the system in which the virtual currency is recorded, if any, limits the use to which the virtual currency may be put or has protocols that are programmed to result in a transfer of control; and (2) the person has agreed to share the power with another person. (c) For the purposes of Subsection (a)(2), a person may be identified in any way, including by name, identifying number, cryptographic key, office, or account number. Added by Acts 2021, 87th Leg., R.S., Ch. 739 (H.B. 4474 ), Sec. 9, eff. September 1, 2021.
Frequently Asked Questions About Texas § BC.12.004
What does The Texas Constitution § BC.12.004 cover?
Section BC.12.004 ("CONTROL OF VIRTUAL CURRENCY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BC.12.004?
A common citation format is "The Texas Constitution § BC.12.004" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BC.12.004 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.