Bill > SB770

This bill amends the Texas Finance Code to add Chapter 160, which regulates digital asset service providers in the state. The key provisions include: 1) prohibiting digital asset service providers from commingling customer funds with their own funds or using customer funds to secure or guarantee transactions other than the customer's own transactions; 2) requiring digital asset service providers to maintain reserves sufficient to fulfill all obligations to customers; 3) requiring digital asset service providers to provide customers with quarterly accounting of their outstanding liabilities and held assets, and allow auditors to access this information; and 4) requiring digital asset service providers to obtain a money transmission license and comply with the requirements of this new chapter in order to maintain that license. The bill takes effect on September 1, 2023.