The new law also requires greater transparency for digital asset customers at least quarterly, and annual proof-of-reserves attestation to the Texas Department of Banking within 90 days of the end of the fiscal year and when applying for a new money transmission license
Texas Governor Abbott has signed landmark legislation to ensure that digital asset service providers with Texas customers maintain adequate reserves and do not commingle customer funds.
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A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.