Texas’ House of Representatives passed a bill requiring crypto companies to prove they have sufficient assets on hand on April 20.

The bill, designated HB1666, could require companies to maintain sufficient reserves to cover all user obligations (crypto deposits and balances).

It could also require crypto companies to provide customers and auditors with accounting reports every quarter. Those reports must detail outstanding liabilities owed to the customer and the amount of crypto held in reserve by the company.

Companies must also file a report containing other information with the Texas Department of Banking before the 90th day after the end of each fiscal year.