The Texas crypto bill recently passed its mandate in the Senate and now awaits approval from the Governor, nearing its ascension as a law.
The crypto industry of Texas is now awaiting a new law for its regulation in the form of a current Texas crypto bill awaiting approval from the Governor. The Senate recently passed the same Texas crypto bill, which was also approved by Texas’ House of Representatives in 2023.
The Texas crypto bill, titled House Bill 1666, received minor amendments from the Texas Finance Code. Some include digital service providers with at least $10 million in users’ funds and a minimum of 500 users to obey new compliances. They would not be able to use their users’ funds to mix it with any other form of capital for operational purposes.
Digital asset service providers would also be required to have enough emergency reserves to cater to any amount of withdrawals by their customers at any point in time. Moreover, the digital asset service providers would need to submit annual reports after every fiscal year to the Texas Department of Banking.
Officially, the text of the Texas crypto bill states, “A digital asset service provider may include a number of funds, assets, or property belonging to the digital asset service provider with customer funds for the purpose of facilitating trade and operational needs to provide digital asset services. That amount of funds, assets, or other property belonging to the digital asset service provider is considered and shall be treated as customer funds.”
Texas has been at the center of crypto-related news this year with several friendly initiatives for the industry.