The amendments address companies that serve more than 500 customers in the state and have at least $10 million of customer funds.
The Texas House of Representatives approved a bill that would require crypto exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” on April 20.pass the Senate and receive the governor’s signature, it could become law by September 1, 2023.amendments to the Texan Finance Code, namely to its Section 160.
By the 90th day after the end of each fiscal year, an exchange will need to file a report about its outstanding liability to customers with the State Banking Department. The report should also include and attestation by the auditor. If the provider fails to comply with the requirements, the Banking Department would have a right to revoke its license.
In the aftermath of 2022’s market failures, Texas took a cautious approach toward crypto. On April 12, the state’s Senate approved a bill aimed at largely
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