TX SB2922

Creates a regulatory framework for oil-backed stablecoins in Texas, requiring issuers to obtain a license from the Texas Department of Banking before issuing or selling such digital assets

Requires each stablecoin unit to be fully backed at all times by oil or oil products (crude oil, refined products, or documented in-ground reserves) measured in British thermal units, maintained at a one-to-one ratio in a custodial reserve located in Texas

Mandates quarterly reserve attestations by independent certified public accountants, comparison reports of stablecoin units to reserve volumes, and reporting of material changes to sub-custodian agreements

Authorizes the Finance Commission of Texas to establish licensing fees, background check requirements, anti-money laundering standards, know-your-customer requirements, and consumer disclosure rules

Grants the Texas Department of Banking enforcement authority to impose administrative penalties, seek injunctive relief, conduct audits and on-site inspections, and charge transaction-based regulatory fees