Texas proof-of-reserves crypto bill one step away from becoming law
The US state of Texas is taking a significant step towards increased transparency and consumer protection in the crypto currency industry, as legislation requiring crypto exchanges to maintain reserves moves closer to becoming law. On May 15, the proof- of -reserves bill successfully passed a vote in the state Senate and now awaits only the signature of the governor. The bill, known as Texas House Bill 1666, seeks to amend the Texan finance code and has previously passed through the state’s House of Representatives. Throughout the Senate readings, the bill has remained largely unchanged from its initial draft. Under the proposed amendments, digital asset providers serving more than 500 customers in the state, with a minimum of $10 million in customer funds, will be required to keep customer funds separate from operational capital. Furthermore, these funds must not be used for any purpose other than fulfilling the original transaction requested by the customer. Explained: ...