Texas Lawmakers Pass Proof-of-Reserves Cryptocurrency Bill

The Texas legislature passed a bill this week requiring cryptocurrency exchanges to provide a “proof of reserves,” the latest move by the lone star state. 
HB-1666, co-sponsored by state Republicans Rep. Giovanni Capriglione and Sen. Tan Parker, applies to digital asset service providers that serve more than 500 customers or has $10 million in customer funds, and requires them to maintain reserves in an “amount sufficient to fulfill all  obligations to digital asset customers.”…
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