Parker’s bill on digital asset provider reports

The text as introduced · 264 words

89R10844 SCR-F

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.