US Senators Reintroduce PROOF Act for Crypto Transparency
- Senators Thom Tillis and John Hickenlooper reintroduced the PROOF Act to enhance cryptocurrency transparency.
- The bill prohibits co-mingling customer assets and mandates monthly third-party reserve checks.
- Independent audits will verify reserves, with results sent to the U.S. Treasury Department.
- Failure to comply with the act could result in increasing civil fines for digital asset firms.
- The legislation follows financial failures like FTX, aiming to restore trust in crypto markets.
The PROOF Act, reintroduced by Senators Tillis and Hickenlooper, seeks to ensure crypto firms maintain adequate reserves through mandatory monthly audits, addressing issues seen in cases like FTX’s collapse.
Source (2.6)https://coingape.com/us-senators-reintroduce-proof-act-to-set-reserve-standards-for-crypto-firms/?rand=24432
