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A BILL TO BE ENTITLED
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AN ACT
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relating to certain reports required to be filed by 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(d), Finance Code, is amended to |
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read as follows: |
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(d) Not later than the 90th day after the end of each fiscal |
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year, a digital asset service provider shall file a report with the |
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department. The report must include the following information, as |
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of the end of the digital asset service provider's fiscal year: |
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(1) an attestation by the digital asset service |
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provider of outstanding liabilities [liability] to digital asset |
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customers; |
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(2) evidence of customer assets held by the provider; |
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and |
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(3) [a copy of the provider's plan under Subsection |
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(c); and |
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[(4)] an attestation report that is: |
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(A) an examination report prepared by an |
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independent certified public accounting firm on each of the |
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provider's assertions that the digital assets in the provider's |
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custody are sufficient to meet outstanding customer liabilities, in |
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like kind, and presented in accordance with Subdivisions (1) and |
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(2); or |
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(B) an agreed-upon procedures attestation report |
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that contains an acknowledgement by the provider's management that |
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the procedures are appropriate to fulfill the intended purpose of |
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demonstrating that digital assets in custody are sufficient to meet |
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outstanding customer liabilities, in like kind, and presented in |
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accordance with Subdivisions (1) and (2) [by an auditor that the |
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information in the report is true and accurate]. |
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SECTION 2. This Act takes effect September 1, 2025. |