By: Parker

S.B. No. 1941

A BILL TO BE ENTITLED

AN ACT

relating to certain reports required to be filed by digital asset service providers.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 160.004(d), Finance Code, is amended to read as follows:

(d) Not later than the 90th day after the end of each fiscal year, a digital asset service provider shall file a report with the department. The report must include the following information, as of the end of the digital asset service provider's fiscal year:

(1) an attestation by the digital asset service provider of outstanding liabilities ~~liability~~ to digital asset customers;

(2) evidence of customer assets held by the provider; and

(3) ~~a copy of the provider's plan under Subsection (c); and~~

~~(4)~~ an attestation report that is:

(A) an examination report prepared by an independent certified public accounting firm on each of the provider's assertions that the digital assets in the provider's custody are sufficient to meet outstanding customer liabilities, in like kind, and presented in accordance with Subdivisions (1) and (2); or

(B) an agreed-upon procedures attestation report that contains an acknowledgement by the provider's management that the procedures are appropriate to fulfill the intended purpose of demonstrating that digital assets in custody are sufficient to meet outstanding customer liabilities, in like kind, and presented in accordance with Subdivisions (1) and (2) ~~by an auditor that the information in the report is true and accurate~~.

SECTION 2. This Act takes effect September 1, 2025.

Texas S 1941

Digital Asset Service Provider Required Reports

2025 TE S 1941

Texas S 1941

Digital Asset Service Provider Required Reports

2025 TE S 1941