The U.S. Texas House of Representatives passed a bill HB1666 on April 20, requiring crypto companies to prove that they have sufficient asset reserves. The bill could also require crypto companies to provide quarterly accounting reports to clients and auditors.
These reports must detail outstanding debts owed to customers and the amount of cryptocurrency the company has in reserve. Corporations must also file a report containing additional information with the Texas Banking Division by the 90th day after the end of each fiscal year.
The bill has not been passed by the Texas Senate or signed into law. It’s unclear if or when the bill will reach those stages.