{"data":{"id":"us-tx/tex.-government-code-403.705","jurisdiction":"us-tx","citation":"Tex. Government Code § 403.705","heading":"THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS; AUDITS.","body":"(a) The comptroller may contract with one or more third-party entities for the administration or management of the reserve, including contracting with:\n(1) a qualified custodian who employs secure custodial technologies, including cold storage; and\n(2) a qualified liquidity provider to facilitate the purchase and management of assets in the reserve.\n(b) For purposes of Subsection (a)(2), \"qualified liquidity provider\" means an entity that:\n(1) is licensed or regulated under applicable federal or state law;\n(2) maintains audited financial statements prepared by a regulated auditor;\n(3) has at least five years of experience trading in the digital assets industry;\n(4) maintains an office and has a registered principal in this state; and\n(5) has certified in a method prescribed by the comptroller that the provider meets the requirements of Subdivisions (1)-(4).\n(c) If the comptroller determines it is in the best interest of the reserve, the comptroller may use derivatives.\n(d) The comptroller may contract with a certified public accountant to perform an independent audit of the reserve.\nAdded by Acts 2025, 89th Leg., R.S., Ch. 957 (S.B. 21), Sec. 2, eff. June 20, 2025.","path":["GOVERNMENT CODE","TITLE 4. EXECUTIVE BRANCH","SUBTITLE A. EXECUTIVE OFFICERS","CHAPTER 403. COMPTROLLER OF PUBLIC ACCOUNTS","SUBCHAPTER V. TEXAS STRATEGIC BITCOIN RESERVE"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.403.htm#403.705","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"8633dd5f723292b0d11a90f39038a3044cb77359b60a0d337c4d93130dc9130a","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-403.704","next":"us-tx/tex.-government-code-403.706"},"notice":"GroundRules: Original legal text. Not legal advice."}