• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07

Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

2025-05-07

Bitcoin PUMPS Ahead of FOMC Press Conference

2025-05-06

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

    2025-05-03

    What is a Layer-2 (L2) Blockchain Solution? Types & Problems They Solve

    2025-05-02

    What Is a Layer-0 Blockchain Protocol?

    2025-05-02

    What They Are and What They Are For

    2025-04-17

    What It is & Why it Matters

    2025-04-16
  • Videos

    Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

    2025-05-07

    Bitcoin PUMPS Ahead of FOMC Press Conference

    2025-05-06

    Bitcoin Core Removes The Mask

    2025-05-06

    Next CME Gap For Bitcoin to Fill (GET READY!!)

    2025-05-05

    How To Run A BITCOIN NODE: Knots on Desktop, Umbrel and Start9

    2025-05-05
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»Texas House of Representatives Passes Bill Mandating Proof of Reserves for Crypto Exchanges
Regulation

Texas House of Representatives Passes Bill Mandating Proof of Reserves for Crypto Exchanges

2023-04-22No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Texas House of Representatives Passes Bill Mandating Proof of Reserves for Crypto Exchanges
Share
Facebook Twitter LinkedIn Pinterest Email

The Texas House of Representatives has voted to pass a new bill that would require crypto exchange platforms operating in the state to prove they have reserves to back up their assets.

According to a new press release by The Chamber of Digital Commerce, a blockchain advocacy group, the Texas House of Representatives passed HB1666 on April 20th with the aim of rebuilding trust in the industry.

The bill, which was first filed by State Representative Giovanni Capriglione, applies to crypto exchanges that serve more than 500 customers in the state or one that has at least $10 million worth of customer funds.

The bill mandates that crypto exchange platforms “shall maintain reserves in an amount sufficient to fulfill all obligations to digital asset customers.”

It also instructs firms to formulate a plan that would task crypto exchanges to provide a quarterly accounting of any liabilities owed to customers as well as the assets they have in reserve. Furthermore, an auditor must be able to access and view the same information provided to customers at any time.

The legislation’s text also says that crypto asset service providers may not commingle their own funds with customer funds, use customer funds to secure a transaction other than transactions for customers contributing to the funds, or hold customers’ funds in a way where users would be unable to fully withdraw them or invest their funds in non-approved ways.

As stated by Perianne Boring, the CEO of The Chamber of Digital Commerce, in the press release,

“This legislation represents an essential step towards ensuring the stability and security of the digital asset market, and it is very promising to see this bill move forward…

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 bill passed with 148 yea votes, zero nays, and one abstained vote, according to Legiscan. However, the bill would still need to pass the state’s Senate before it can be signed into law.

See also  NFTs Are a 'Trojan Horse' for Crypto Adoption: NFT Factory President

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Featured Image: Midjourney
Shutterstock/Andy Chipus

Bill Crypto Exchanges House Mandating Passes Proof Representatives reserves Texas
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

How To Pay ZERO Taxes on Crypto Gains in 2025?

2025-04-30

Crypto Lending Is BACK — And It Could Make You Filthy Rich in 2025!

2025-04-29

Crypto News: BTC $100K? Altcoin Breakout, SUI & TAO Pump, TRUMP & More

2025-04-28

Life Before & After Bitcoin: How Crypto Changed Everything (And Why We Left America)

2025-04-27
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

Could An EMP Attack Destroy Bitcoin?

2023-02-22

Get the “Ultimate Guide to Bitcoin” course: https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin Use the … source

Videos

💰 Big Money Boom 💥 + Scarcity Shock ⚠️

2024-04-05

Bitcoin #BitcoinDaily #BigMoney #WallStArrives #SupplyShock #ETFFlows #GBTC $IBIT JOIN THE FAMILY: …

Videos

OCTA: Wen Supply Squeeze

2024-02-27

Bitcoin #ETH #Dencum #PriceTargets #SupplySqueeze #SOL $AAPL $TSLA JOIN THE FAMILY: …

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07

Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

2025-05-07

Bitcoin PUMPS Ahead of FOMC Press Conference

2025-05-06

Bitcoin Core Removes The Mask

2025-05-06
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 103,038.61
ethereum
Ethereum (ETH) $ 2,344.66
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.39
bnb
BNB (BNB) $ 637.40
solana
Solana (SOL) $ 171.68
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206938
cardano
Cardano (ADA) $ 0.792431
tron
TRON (TRX) $ 0.263364
bitcoin
Bitcoin (BTC) $ 103,038.61
ethereum
Ethereum (ETH) $ 2,344.66
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.39
bnb
BNB (BNB) $ 637.40
solana
Solana (SOL) $ 171.68
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206938
cardano
Cardano (ADA) $ 0.792431
tron
TRON (TRX) $ 0.263364