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,
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Proof of Reserve’ bill passes in Texas House of RepresentativesThe amendments address companies that serve more than 500 customers in the state and have at least $10 million of customer funds.
Read more »
Texas Eats: Steak, BBQ & Texas FarmsThis week on Texas Eats, David Elder heads to Southerleigh at The Pearl to check out their revamped menu.
Read more »
A Texas House bill could reduce penalties for marijuana possessionThe Texas House is considering a bill that would reduce the penalty for possession of cannabis and cannabis concentrates.
Read more »
Alaska House votes to designate June 9 as Don Young DayYoung served for 49 years as Alaska’s sole legislator in the U.S. House of Representatives.
Read more »
Texas House panel debates quitting ERICA bill by Houston-area Rep. Jacey Jetton would put an expiration date on the state’s participation in ERIC. Texas would need to create its own alternative cross-check program.
Read more »
Texas House is interfering in Fairfield Lake dealIt was the 19th century politician and newspaperman Gideon John Tucker (not Mark Twain, who sometimes gets credit) who once quipped, “No man’s life, liberty...
Read more »