Texas 2025 - 89th Regular

Texas Senate Bill SB2922 Compare Versions

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1	1	89R15933 SRA-F
2	2	By: Parker S.B. No. 2922
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7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to the issuance and regulation of an oil-backed
10	10	stablecoin; authorizing a fee; authorizing an administrative
11	11	penalty.
12	12	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	13	SECTION 1. This Act may be cited as the Texas Oil-Backed
14	14	Stablecoin Act.
15	15	SECTION 2. (a) The legislature finds that:
16	16	(1) Texas is a global leader in oil production,
17	17	refining, and innovation in energy markets;
18	18	(2) stablecoins and other blockchain-based digital
19	19	assets present opportunities for more efficient, transparent, and
20	20	cost-effective financial transactions, enhancing competitiveness
21	21	in global markets;
22	22	(3) a stablecoin fully backed by oil or oil-derived
23	23	products can expand investment opportunities, increase tax
24	24	revenue, attract technology development, and support the state's
25	25	energy industry; and
26	26	(4) it is in the public interest to establish a stable
27	27	regulatory framework for a commodity-backed stablecoin issued in
28	28	this state.
29	29	(b) The purpose of this Act is to:
30	30	(1) authorize and regulate the issuance of a
31	31	commodity-backed stablecoin anchored by oil or oil products;
32	32	(2) ensure that each stablecoin issued under this Act
33	33	is fully backed by, and redeemable for, a defined quantity of oil or
34	34	oil products;
35	35	(3) provide oversight, licensing, consumer
36	36	protection, and transparency measures to safeguard the public
37	37	interest; and
38	38	(4) facilitate responsible innovation and economic
39	39	growth within this state.
40	40	SECTION 3. Subtitle Z, Title 3, Finance Code, is amended by
41	41	adding Chapter 282 to read as follows:
42	42	CHAPTER 282. OIL-BACKED STABLECOIN
43	43	Sec. 282.001. DEFINITIONS. In this chapter:
44	44	(1) "Custodial reserve" means the pool of oil or oil
45	45	products held in trust or under sub-custodial contracts for the
46	46	sole purpose of fully backing all units of the oil-backed
47	47	stablecoin in circulation.
48	48	(2) "Department" means the Texas Department of
49	49	Banking.
50	50	(3) "Finance commission" means the Finance Commission
51	51	of Texas.
52	52	(4) "Issuer" means any person authorized by the
53	53	department to create, manage, or redeem an oil-backed stablecoin
54	54	under this chapter.
55	55	(5) "Oil-backed stablecoin" means a stablecoin
56	56	authorized under this chapter that is redeemable for a specific
57	57	quantity of oil or refined oil products measured in British thermal
58	58	units or another appropriate standard specified by the department.
59	59	(6) "Oil company sub-custodian" or "sub-custodian"
60	60	means a state-approved or licensed oil producer, refiner, or
61	61	storage entity that allocates crude or refined product to the
62	62	custodial reserve under this chapter.
63	63	(7) "Stablecoin" means a digital asset:
64	64	(A) whose value is pegged to a specific commodity
65	65	or currency; and
66	66	(B) that is redeemable on demand for that
67	67	commodity or currency.
68	68	Sec. 282.002. LICENSE REQUIRED; FEES. (a) The department
69	69	shall issue licenses to eligible applicants to authorize the
70	70	applicant to be an issuer of oil-backed stablecoin.
71	71	(b) A person may not issue or offer for sale oil-backed
72	72	stablecoin described by this chapter unless the person holds a
73	73	license issued by the department under this section.
74	74	(c) The finance commission by rule shall establish
75	75	application requirements, licensing fees, background check
76	76	requirements, and other conditions for license eligibility under
77	77	this section.
78	78	(d) An issuer issued a license under this chapter must
79	79	comply with all applicable rules adopted by the finance commission
80	80	regarding consumer disclosures, anti-money laundering standards,
81	81	and know-your-customer requirements.
82	82	(e) The department may charge a reasonable fee for the
83	83	issuance of a license under this chapter in an amount sufficient to
84	84	allow the department to recover all reasonable costs associated
85	85	with administering and enforcing this chapter.
86	86	Sec. 282.003. CUSTODIAL RESERVE REQUIRED. (a) Each unit of
87	87	oil-backed stablecoin in circulation must be backed at all times by
88	88	a corresponding quantity of oil or oil products, measured in
89	89	million British thermal units or another standard specified by the
90	90	department.
91	91	(b) The issuer shall maintain a custodial reserve at or
92	92	above a one-to-one ratio between the total amount of the oil-backed
93	93	stablecoin outstanding and the total amount of oil or oil products
94	94	allocated for that purpose, subject to any discount or
95	95	overcollateralization requirements established by finance
96	96	commission rule.
97	97	(c) A custodial reserve may include crude oil, refined
98	98	product, or in-ground reserves documented in accordance with rules
99	99	adopted by the finance commission, provided the oil or oil product:
100	100	(1) is readily auditable;
101	101	(2) is located or verifiably allocated within this
102	102	state; and
103	103	(3) is able to be delivered or monetized in a timely
104	104	manner in compliance with redemption obligations under this
105	105	chapter.
106	106	Sec. 282.004. OIL COMPANY SUB-CUSTODIANS. (a) An oil
107	107	company sub-custodian may enter into a contractual agreement with
108	108	an issuer to allocate oil or oil products to the issuer's custodial
109	109	reserve.
110	110	(b) A sub-custodian must meet eligibility requirements
111	111	established by finance commission rule, including requirements
112	112	relating to financial stability, operational capacity, and
113	113	location of the allocated oil or oil product.
114	114	(c) A sub-custodian shall allow the issuer or the department
115	115	to examine any records necessary to verify the quantity, quality,
116	116	and location of the allocated oil or oil product.
117	117	Sec. 282.005. CREATION AND REDEMPTION OF OIL-BACKED
118	118	STABLECOIN. (a) The issuer may create additional units of the
119	119	oil-backed stablecoin only if the custodial reserve is
120	120	proportionately increased in accordance with Section 282.003.
121	121	(b) The issuer shall redeem the oil-backed stablecoin on the
122	122	request of an oil-backed stablecoin holder who surrenders the
123	123	digital asset in exchange for:
124	124	(1) an equivalent quantity of cash proceeds derived
125	125	from the issuer's custodial reserve; or
126	126	(2) a direct oil product withdrawal, if permitted by
127	127	rule.
128	128	(c) On redemption of oil-backed stablecoin, or under other
129	129	circumstances requiring a reduction in total oil-backed stablecoin
130	130	units in circulation, the issuer shall remove the corresponding
131	131	units from circulation on the blockchain ledger.
132	132	Sec. 282.006. RULES. (a) The finance commission shall
133	133	adopt rules to implement and enforce this chapter, including:
134	134	(1) standards for custodial reserve liquidity and
135	135	tiered collateral arrangements;
136	136	(2) required disclosures to purchasers or holders of
137	137	the oil-backed stablecoin, including redemption procedures and
138	138	associated risks;
139	139	(3) recordkeeping, reporting, and auditing standards
140	140	for issuers and sub-custodians; and
141	141	(4) any additional consumer protection measures the
142	142	finance commission considers necessary.
143	143	(b) The finance commission may adopt rules to coordinate
144	144	with federal authorities or comply with federal regulations
145	145	regarding commodity-backed digital assets.
146	146	Sec. 282.007. AUDITS AND PERIODIC REPORTS. (a) The issuer
147	147	shall publish or file with the department quarterly, or at another
148	148	interval prescribed by finance commission rule:
149	149	(1) a comprehensive reserve attestation performed by
150	150	an independent certified public accountant;
151	151	(2) a comparison of the total number of stablecoin
152	152	units outstanding to the total volume of oil or oil products
153	153	allocated to the custodial reserve; and
154	154	(3) a report of any material changes to sub-custodian
155	155	agreements.
156	156	(b) The department may require the issuer or a sub-custodian
157	157	to submit to periodic or special audits, including on-site
158	158	inspections, to ensure compliance with this chapter.
159	159	Sec. 282.008. VIOLATIONS; ENFORCEMENT. The department may
160	160	impose an administrative penalty, seek injunctive relief, or take
161	161	other enforcement action against a person who violates this chapter
162	162	or a rule adopted under this chapter.
163	163	Sec. 282.009. CONSUMER PROTECTIONS. (a) An issuer may not
164	164	engage in unfair or deceptive acts or practices regarding the
165	165	issuance or marketing of an oil-backed stablecoin.
166	166	(b) A person who suffers damages because of a violation of
167	167	this chapter or a rule adopted under this chapter may seek any
168	168	remedy available under state law.
169	169	Sec. 282.010. TRANSACTIONAL FEES AND ASSESSMENTS. The
170	170	department may charge a regulatory fee or assessment for each
171	171	transaction of the oil-backed stablecoin, provided that the amount
172	172	of the fee or assessment does not unreasonably restrict adoption or
173	173	usage of oil-backed stablecoin.
174	174	Sec. 282.011. TAX TREATMENT. (a) Any tax on the issuance,
175	175	holding, transfer, or redemption of oil-backed stablecoin is
176	176	governed by provisions of the Tax Code generally applicable to
177	177	commodity transactions, unless otherwise provided by law.
178	178	(b) The department and the comptroller shall consult as
179	179	necessary to ensure that state tax treatment of oil-backed
180	180	stablecoin is administered in a manner that does not subject
181	181	holders to duplicative or inconsistent taxation.
182	182	SECTION 4. This Act takes effect September 1, 2025.