Yes, in some places and not legal, in other places.
In general, this style of rig is legal in Texas, but there are some waters that have special regulations that would not allow them. This style of rig has gained popularity in the bass fishing crowd and there has been an on going debate about allowing it in tournaments.
With that minnow shaped lead head on it, I'd hate to try casting it with a fly rod. Talk about chuck and duck!