Two U.S. senators have again proposed establishing regulatory standards that would prohibit digital asset custodians from mixing client and institutional funds
2025-04-12 01:37:17
According to Cryptoslate, U.S. Senators Thom Tillis (R-N.C.) and John Hickenlooper (D-Colorado) have reintroduced a legislative measure to prevent custodians of digital assets from mixing client funds with institutional or owned capital. Dubbed the Proof of Others Funds Reserve Act (PROOF), the bill also requires a monthly third-party inspection of custodial reserves, which is based on standards already informally used in the digital asset space. The PROOF bill was originally introduced in 2023 in response to the systemic failure exposed by the collapse of cryptocurrency exchange FTX.
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