Texas is looking for ways to avoid the next FTX scenario, by requiring proof of reserves for every registered crypto exchange.
On April 21, the Texas House of Representatives approved a bill requiring cryptocurrency exchanges to maintain sufficient reserves to fulfill their clients’ payment obligations.by the Texas House of Representatives, the “HB 166” bill filed by State Rep. Giovanni Capriglione was passed by a majority of 150 members, aiming to “rebuild trust in the market by requiring Proof of Reserves for digital asset exchanges.
“Congratulations to Rep. Giovanni Capriglione and the Texas House of Representatives on the passage of HB 1666, which seeks to protect Texas consumers’ investments in digital assets and addresses the critical issue of Proof of Reserves for exchanges. She also stated that the approval of the HB 166 bill “represents an essential step in ensuring the stability and security of the digital asset market.” Similarly, she emphasized the importance of requiring exchanges to provide Proof of Reserves, proving their ability to cover all user funds.
“The Proof of Reserves requirement in this bill is exactly what should be required by custodians to demonstrate that they hold sufficient assets to cover all customer deposits.” The Proof of Reserves requirement would prevent exchanges from being used to commit fraud or scams like FTX,
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