Texas § GV.403.705 - THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS
Full text of Texas The Texas Constitution § GV.403.705 — THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS, with citation guidance and answers to common questions.
§ GV.403.705. THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS
THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS; AUDITS. (a) The comptroller may contract with one or more third-party entities for the administration or management of the reserve, including contracting with: (1) a qualified custodian who employs secure custodial technologies, including cold storage; and (2) a qualified liquidity provider to facilitate the purchase and management of assets in the reserve. (b) For purposes of Subsection (a)(2), "qualified liquidity provider" means an entity that: (1) is licensed or regulated under applicable federal or state law; (2) maintains audited financial statements prepared by a regulated auditor; (3) has at least five years of experience trading in the digital assets industry; (4) maintains an office and has a registered principal in this state; and (5) has certified in a method prescribed by the comptroller that the provider meets the requirements of Subdivisions (1)-(4). (c) If the comptroller determines it is in the best interest of the reserve, the comptroller may use derivatives. (d) The comptroller may contract with a certified public accountant to perform an independent audit of the reserve. Added by Acts 2025, 89th Leg., R.S., Ch. 957 (S.B. 21 ), Sec. 2, eff. June 20, 2025.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § GV.403.705
What does The Texas Constitution § GV.403.705 cover?
Section GV.403.705 ("THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.403.705?
A common citation format is "The Texas Constitution § GV.403.705" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.403.705 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.