SB 1941

relating to certain reports required to be filed by digital asset
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1.  Section 160.004(d), Finance Code, is amended to
(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
(2)  evidence of customer assets held by the provider;
(3)  [a copy of the provider's plan under Subsection
[(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
(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.