Coinspeaker
Texas Passes New Bill Requiring Crypto Exchanges to Provide Proof of Reserves
The Texas House of Representatives passed a new bill requiring crypto exchanges to provide proof of reserves. Designated as HB1666, the bill could require companies to maintain sufficient reserves to cover all user funds at all times. Thus, the bill aims to increase transparency between digital asset service providers (DASPs) and their users.
HB1666 comes in response to recent incidents of mismanagement of consumer funds by some DASPs. These events have resulted in the loss of billions of dollars in investments. The sponsor noted no direct statutes currently protect Texans from exploitation by DASPs. Further, the bill states there are at least 8.5 million Texans with digital asset investments.
Consequently, this new bill will apply to all DASPs with more than 500 customers in the state or at least ten million dollars in customer funds. Also, the bill will secure consumer funds by providing stric
We współpracy z: https://www.coinspeaker.com/texas-new-bill-crypto-exchanges/
