Govts are the most insecure thing on the planet.   And they are control freaks.   If they can't define it, they can't control it, and if they can't control it, they go nuts.

Dunno how this will pan out.   Govts tend to win, at least in the short term.

add:   I just logged into my bitconnect account and they have a statement -- they are complying with the Texas order and they have stopped accepting deposits from the state of Texas.   Everyone will continue to receive their payouts.   They also required me to specify which state I live in.

The point I'm making is, if Bitconnect was trying to skirt the law, they wouldn't ask that we certify which state we live in.