House Bill 1666, which aims to regulate digital asset providers in the cryptocurrency industry, has been passed unanimously in both chambers of the Texas legislature and is now awaiting the governor's signature. The bill, proposed by State Rep.
Giovanni Capriglione, will require digital asset service providers to maintain sufficient reserves, allow customers to withdraw their funds at any time, and disclose any outstanding liabilities and assets held in custody.
Non-compliance may result in the loss of a transmission license or criminal charges. Capriglione hopes that this regulation will provide Texans with greater confidence in the safety of their investments.
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