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A BILL TO BE ENTITLED
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AN ACT
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relating to the establishment of a digital currency backed by gold; |
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authorizing a fee. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle A, Title 4, Government Code, is amended |
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by adding Chapter 404A to read as follows: |
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CHAPTER 404A. DIGITAL GOLD CURRENCY |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 404A.0001. DEFINITION. In this chapter "digital |
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currency" means the digital gold currency established under this |
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chapter. |
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Sec. 404A.0002. RULES; CONTRACTING. (a) The comptroller |
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may adopt rules as necessary or convenient to implement this |
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chapter, including rules to: |
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(1) ensure the security of the digital currency; and |
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(2) prevent fraud. |
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(b) The comptroller has all authority necessary to enter |
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into contracts to administer this chapter and fulfill the purposes |
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of this chapter. |
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SUBCHAPTER B. ESTABLISHMENT AND ADMINISTRATION OF DIGITAL GOLD |
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CURRENCY |
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Sec. 404A.0051. ESTABLISHMENT. (a) The comptroller shall |
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establish a digital currency that is backed by gold so that each |
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unit of the digital currency issued represents a particular |
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fraction of a troy ounce of gold held in trust as provided by this |
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chapter. |
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(b) The comptroller may contract with a private vendor to |
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establish the digital currency or perform other duties under this |
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chapter. |
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(c) In establishing the digital currency the comptroller |
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shall establish a means to ensure that a person who holds the |
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digital currency may readily transfer or assign the digital |
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currency to any other person by electronic means. |
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Sec. 404A.0052. GOLD HELD IN TRUST. (a) The comptroller |
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serving as trustee or another person appointed by the comptroller |
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who shall serve as trustee shall hold in trust on the behalf of the |
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digital currency holders all gold purchased to back the digital |
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currency. The trustee shall maintain enough gold to provide for the |
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redemption in gold of all units of the digital currency that have |
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been issued and are not yet redeemed for money or gold. |
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(b) The trustee may establish an account in the Texas |
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Bullion Depository to hold gold purchased to back the digital |
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currency and may hold the gold otherwise as convenient for the |
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administration of this chapter. |
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Sec. 404A.0053. PURCHASE AND ISSUANCE. (a) A person may |
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purchase from this state through the comptroller any number of |
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units of the digital currency. |
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(b) On receiving payment for a purchase of the digital |
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currency together with any fee charged under Section 404A.0058, the |
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comptroller shall: |
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(1) using the money received from the purchaser, buy a |
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fractional number of troy ounces of gold equal to the number of |
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units of the digital currency issued to the purchaser under |
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Subdivision (2); and |
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(2) issue to the purchaser a number of units of the |
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digital currency equal to the amount of gold that the comptroller |
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purchases with the money received from the purchaser. |
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Sec. 404A.0054. REDEMPTION OF CURRENCY FOR MONEY. (a) A |
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person who holds the digital currency may present to the |
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comptroller, or a person with whom the comptroller has contracted, |
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or a person serving as trustee for purposes of this chapter any |
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number of units of the digital currency to redeem for money. |
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(b) On receipt of a person's request for redemption, the |
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comptroller, contractor, or trustee shall: |
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(1) sell from the gold held in the pooled depository |
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account a fractional number of troy ounces equal to the number of |
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units of the digital currency being redeemed; and |
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(2) provide to the person an amount of money equal to |
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the amount received from the sale of gold under Subdivision (1), |
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less a fee charged under Section 404A.0058. |
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Sec. 404A.0055. REDEMPTION OF CURRENCY FOR GOLD. (a) A |
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person who holds the digital currency may present to the |
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comptroller, or a person with whom the comptroller has contracted, |
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or a person serving as trustee for purposes of this chapter any |
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number of units of the digital currency to redeem for an equal |
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fractional number of troy ounces of gold from the pooled depository |
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account. |
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(b) On receipt of a request for redemption, the comptroller |
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shall: |
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(1) withdraw the requested number of troy ounces of |
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gold from the gold held in trust; and |
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(2) on the payment of a fee charged under Section |
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404A.0058, deliver the gold to the requestor. |
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(c) The comptroller, or a person with whom the comptroller |
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has contracted, or a person serving as trustee for purposes of this |
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chapter, may manage redemption of the digital currency for gold by |
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the use of bars or coins of standard sizes and may pay fractional |
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remainders in cash as is necessary to facilitate the transaction. |
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Sec. 404A.0056. VALUE OF DIGITAL CURRENCY. (a) At the time |
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of each transaction involving the issuance or redemption of the |
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digital currency, the comptroller, or a person with whom the |
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comptroller has contracted, or a person serving as trustee for |
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purposes of this chapter shall determine the value of a unit of the |
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digital currency. |
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(b) The value of a unit of the digital currency at the time |
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of a transaction must be equal to the value of the appropriate |
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fraction of a troy ounce of gold at the time of that transaction. |
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Sec. 404A.0057. CERTAIN MONEY AND DEPOSITS HELD IN TRUST |
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AND NOT SUBJECT TO LEGISLATIVE APPROPRIATION. Money received from |
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the purchase of the digital currency under Section 404A.0053(a), |
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gold purchased and held under this chapter, and money received from |
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the sale of gold in response to a request for redemption under |
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Section 404A.0054 is: |
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(1) held in trust by the comptroller as trustee or a |
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person appointed by the comptroller to serve as trustee for |
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purposes of this chapter outside the state treasury on the behalf of |
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persons who hold the digital currency; and |
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(2) not available for legislative appropriation. |
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Sec. 404A.0058. FEE. The comptroller may establish a fee |
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for the issuance or redemption of the digital currency at any rate |
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necessary to cover the costs of administering this chapter. The |
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comptroller shall deposit the fee proceeds to the credit of an |
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account established in the general revenue fund that may be used to |
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pay the costs. |
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SECTION 2. This Act takes effect September 1, 2023. |