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Texas has it right on cryptocurrency regulation.

The full text, including introduction and analysis, of the Texas Department of Banking memorandum can be found here:

Regulatory-Treatment-of-Virtual-Currencies-under-the-Texas-Money-Services-Act.pdf

http://www.dob.texas.gov/lg_manual/sm1037.pdf

For a further breakdown, please check out the following article:

http://www.cryptocoinsnews.com/news/texas-department-banking-reveals-regulatory-treatment-virtual-currencies-texas-money-services-act/2014/04/03

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