| 1 | 1 | | 89R10844 SCR-F |
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| 2 | 2 | | By: Parker S.B. No. 1941 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to certain reports required to be filed by digital asset |
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| 10 | 10 | | service providers. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Section 160.004(d), Finance Code, is amended to |
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| 13 | 13 | | read as follows: |
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| 14 | 14 | | (d) Not later than the 90th day after the end of each fiscal |
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| 15 | 15 | | year, a digital asset service provider shall file a report with the |
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| 16 | 16 | | department. The report must include the following information, as |
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| 17 | 17 | | of the end of the digital asset service provider's fiscal year: |
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| 18 | 18 | | (1) an attestation by the digital asset service |
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| 19 | 19 | | provider of outstanding liabilities [liability] to digital asset |
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| 20 | 20 | | customers; |
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| 21 | 21 | | (2) evidence of customer assets held by the provider; |
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| 22 | 22 | | and |
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| 23 | 23 | | (3) [a copy of the provider's plan under Subsection |
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| 24 | 24 | | (c); and |
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| 25 | 25 | | [(4)] an attestation report that is: |
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| 26 | 26 | | (A) an examination report prepared by an |
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| 27 | 27 | | independent certified public accounting firm on each of the |
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| 28 | 28 | | provider's assertions that the digital assets in the provider's |
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| 29 | 29 | | custody are sufficient to meet outstanding customer liabilities, in |
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| 30 | 30 | | like kind, and presented in accordance with Subdivisions (1) and |
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| 31 | 31 | | (2); or |
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| 32 | 32 | | (B) an agreed-upon procedures attestation report |
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| 33 | 33 | | that contains an acknowledgement by the provider's management that |
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| 34 | 34 | | the procedures are appropriate to fulfill the intended purpose of |
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| 35 | 35 | | demonstrating that digital assets in custody are sufficient to meet |
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| 36 | 36 | | outstanding customer liabilities, in like kind, and presented in |
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| 37 | 37 | | accordance with Subdivisions (1) and (2) [by an auditor that the |
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| 38 | 38 | | information in the report is true and accurate]. |
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| 39 | 39 | | SECTION 2. This Act takes effect September 1, 2025. |
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