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AN ACT
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relating to the commingling of funds by digital asset service |
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providers; providing an administrative penalty. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle E, Title 3, Finance Code, is amended by |
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adding Chapter 160 to read as follows: |
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CHAPTER 160. DIGITAL ASSET SERVICE PROVIDERS |
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Sec. 160.001. DEFINITIONS. In this chapter: |
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(1) "Commission" means the Finance Commission of |
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Texas. |
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(2) "Customer funds" means the digital assets, fiat |
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currency, or other property deposited by a digital asset customer. |
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(3) "Department" means the Texas Department of |
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Banking. |
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(4) "Digital asset" means a natively electronic asset |
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that confers economic, proprietary, or access rights and is |
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recorded or stored in a blockchain, cryptographically secured |
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distributed ledger, or similar technology, and includes: |
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(A) a digital asset that the laws of any country |
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consider to be legal tender; or |
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(B) virtual currency as defined by Section |
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12.001, Business & Commerce Code. |
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(5) "Digital asset customer" means a person who |
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deposits fiat currency or a digital asset with a digital asset |
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service provider. |
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(6) "Digital asset service provider" means an |
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electronic platform that facilitates the trading of digital assets |
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on behalf of a digital asset customer and maintains custody of the |
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customer's digital assets. |
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Sec. 160.002. ADMINISTRATION. The department shall |
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administer this chapter. |
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Sec. 160.003. APPLICABILITY. (a) This chapter applies to a |
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digital asset service provider doing business in this state that: |
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(1) holds a money transmission license under |
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Subchapter D, Chapter 151; and |
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(2) either: |
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(A) serves more than 500 digital asset customers |
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in this state; or |
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(B) has at least $10 million in customer funds. |
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(b) This chapter does not apply to: |
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(1) a bank, as defined by Section 31.002; or |
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(2) an entity excluded by commission rule or by order |
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of the banking commissioner based on a finding that the entity is: |
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(A) not required to hold a money transmission |
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license under Subchapter D, Chapter 151; or |
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(B) not subject to the requirements of this |
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chapter. |
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Sec. 160.004. DUTIES OF DIGITAL ASSET SERVICE PROVIDERS. |
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(a) Except as provided by this chapter, a digital asset service |
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provider may not: |
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(1) commingle customer funds with funds belonging to |
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the digital asset service provider, including the digital asset |
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service provider's: |
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(A) operating capital; |
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(B) proprietary accounts; |
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(C) digital assets; |
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(D) fiat currency; or |
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(E) other property that is not customer funds; |
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(2) use customer funds to secure or guarantee a |
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transaction other than a transaction for the customer contributing |
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the funds; or |
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(3) maintain customer funds in such a manner that a |
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digital asset customer may be unable to fully withdraw the |
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customer's funds. |
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(b) In addition to any other requirements under state law, a |
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digital asset service provider shall maintain customer funds not |
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subject to the requirements of Chapter 151: |
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(1) in separate accounts for obligations to each |
| Statutes affected:
Introduced: ()
House Committee Report: ()
Engrossed: ()
Senate Committee Report: ()
Enrolled: ()