| 88R25770 KJE-D | |||
| By: Dorazio, Capriglione, Raymond, | H.B. No. 4903 | ||
| Harris of Anderson, Stucky, et al. | |||
| Substitute the following for H.B. No. 4903: | |||
| By: Spiller | C.S.H.B. No. 4903 | ||
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| relating to the issuance of gold and silver specie and the | ||
| establishment of a digital currency based on gold and silver; | ||
| authorizing a fee. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subtitle A, Title 4, Government Code, is amended | ||
| by adding Chapter 404A to read as follows: | ||
| CHAPTER 404A. GOLD AND SILVER CURRENCY | ||
| SUBCHAPTER A. GENERAL PROVISIONS | ||
| Sec. 404A.0001. DEFINITIONS. In this chapter: | ||
| (1) "Bullion" and "specie" have the meanings assigned | ||
| by Section 2116.001. | ||
| (2) "Digital currency" means the digital | ||
| representation of gold and silver specie and bullion held in the | ||
| pooled depository account as established under this chapter. | ||
| (3) "Pooled depository account" means the account in | ||
| the Texas Bullion Depository established under Section 404A.0052. | ||
| Sec. 404A.0002. RULES. The comptroller may adopt rules as | ||
| necessary or convenient to implement this chapter, including rules | ||
| to: | ||
| (1) ensure the security of gold or silver specie or | ||
| bullion, digital currency, transactions, and related data; and | ||
| (2) prevent fraud. | ||
| SUBCHAPTER B. ESTABLISHMENT AND ADMINISTRATION OF GOLD AND SILVER | ||
| SPECIE AND DIGITAL CURRENCY | ||
| Sec. 404A.0051. ESTABLISHMENT. (a) As authorized by | ||
| Section 10, Article 1, United States Constitution, to the extent | ||
| the comptroller determines practicable, the comptroller shall: | ||
| (1) establish and provide for the issuance of gold and | ||
| silver specie; and | ||
| (2) establish and issue a digital currency based on | ||
| gold and silver that represents a particular fraction of a troy | ||
| ounce of gold or silver, as applicable, held in trust as provided by | ||
| this chapter. | ||
| (b) The comptroller may contract with a private vendor to | ||
| establish the digital currency under Subsection (a)(2) or perform | ||
| other duties under this chapter. To the extent consistent with | ||
| state and federal law, in contracting with a private vendor under | ||
| this subsection the comptroller shall give preference to a vendor | ||
| whose principal place of business is in this state. | ||
| (c) In establishing gold and silver specie under Subsection | ||
| (a)(1), the comptroller shall: | ||
| (1) authorize the Texas Bullion Depository as this | ||
| state's exclusive issuer; and | ||
| (2) ensure that the holder of the specie may: | ||
| (A) use the specie as legal tender in payment of | ||
| debt; and | ||
| (B) readily transfer the specie to another | ||
| person. | ||
| (d) In establishing the digital currency under Subsection | ||
| (a)(2), the comptroller shall provide a means to ensure that a | ||
| person who holds the digital currency may: | ||
| (1) use the digital currency as legal tender in | ||
| payment of debt; and | ||
| (2) by electronic means readily transfer or assign the | ||
| digital currency to another person. | ||
| Sec. 404A.0052. BULLION DEPOSITORY ACCOUNT. (a) The | ||
| comptroller, serving as trustee, or another person the comptroller | ||
| appoints to serve as trustee, shall hold in trust on behalf of the | ||
| digital currency holders all gold and silver specie and bullion | ||
| owned or purchased for the purposes of issuing the digital | ||
| currency. ThStatutes affected: Introduced: () House Committee Report: () | ||