Texas Passes 'Proof of Reserve' Requirements for Bitcoin Exchanges
The Texas legislature has approved House Bill 1666 (HB1666) to establish “proof of reserves” rules for crypto exchanges, requiring them to provide an audited or on-chain proof of assets at all times. The law also enacts regulations and duties to prevent customer funds from being used for any other purposes than a customer transaction, and to segregate and separately account for customer funds.
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Texas Passes 'Proof of Reserve' Requirements for Bitcoin Exchanges
The Texas legislature has approved House Bill 1666 (HB1666) to establish “proof of reserves” rules for crypto exchanges, requiring them to provide an audited or on-chain proof of assets at all times. The law also enacts regulations and duties to prevent customer funds from being used for any other purposes than a customer transaction, and to segregate and separately account for customer funds.