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A BILL TO BE ENTITLED
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AN ACT
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relating to reporting and auditing requirements for digital asset |
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service providers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 160.004(c), Finance Code, is amended to |
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read as follows: |
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(c) A digital asset service provider shall create a plan to |
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allow[: |
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[(1)] each digital asset customer to view at least |
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quarterly an accounting of: |
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(1) [(A)] any outstanding liabilities owed to the |
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digital asset customer; and |
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(2) [(B)] the digital asset customer's digital assets |
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held in custody by the digital asset service provider[; and |
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[(2) an auditor to access and view at any time a |
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pseudonymized version of the information made available to each |
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digital asset customer under Subdivision (1)]. |
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SECTION 2. Section 160.005(a), Finance Code, is amended to |
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read as follows: |
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(a) In addition to any other requirements under Subchapter C |
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[D], Chapter 152 [151], a digital asset service provider must |
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comply with the requirements of this chapter to obtain and maintain |
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any money transmission license under Subchapter C [D], Chapter 152 |
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[151]. [A digital asset service provider applying for a new money |
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transmission license under Subchapter D, Chapter 151, must submit |
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to the department the report required by Section 160.004(d).] |
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SECTION 3. Sections 160.004(d), (e), and (f), Finance Code, |
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are repealed. |
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SECTION 4. This Act takes effect September 1, 2025. |