1. (a) The comptroller may contract with one or more third-party entities for the administration or management of the reserve, including contracting with:

   1. (1) a qualified custodian who employs secure custodial technologies, including cold storage; and
   2. (2) a qualified liquidity provider to facilitate the purchase and management of assets in the reserve.

2. (b) For purposes of Subsection (a)(2), "qualified liquidity provider" means an entity that:

   1. (1) is licensed or regulated under applicable federal or state law;
   2. (2) maintains audited financial statements prepared by a regulated auditor;
   3. (3) has at least five years of experience trading in the digital assets industry;
   4. (4) maintains an office and has a registered principal in this state; and
   5. (5) has certified in a method prescribed by the comptroller that the provider meets the requirements of Subdivisions (1)-(4).
3. (c) If the comptroller determines it is in the best interest of the reserve, the comptroller may use derivatives.
4. (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.