According to reports, Texas Senate Bill SB1498 will automatically take effect on June 20, 2025, and will be implemented on September 1. The bill authorizes the state government to confiscate digital assets related to specific criminal offenses, including digital currencies, NFTs, and stablecoins.
The bill expands the definition of 'gain' to include appreciation of assets from acquisition to confiscation and requires that confiscated assets be transferred to an offline secure wallet managed by law enforcement or the state attorney general.