CoinInsight360.com logo CoinInsight360.com logo
Coin Edition 2025-04-12 06:15:00

Senators Try Again With PROOF Act to Clean Up Crypto Fund Handling

The PROOF Act prohibits fund co-mingling to prevent FTX-like collapses in crypto. Monthly third-party PoR audits aim to ensure crypto firms hold user funds securely. Publicly disclosed reserve reports will help restore investor trust in digital assets. Following FTX’s failure, U.S. Senators Thom Tillis and John Hickenlooper have reintroduced the Proving Reserves of Others Funds (PROOF) Act. This bill targets crypto industry risks, focusing on safe handling and openness with customer money. The planned law confronts key weak points shown by FTX’s failure, like mixing customer and company funds. By setting rules for PoR checks and forbidding fund mixing, the bill aims to restore investor trust and provide clear safeguards for crypto users. The PROOF Act, first introduced by @SenThomTillis and @SenatorHick in 2023, would ban crypto custodians from co-mingling customer funds and require them to comply with monthly reserve inspections. The bill is designed to help prevent another FTX situation. https://t.co/41JW2jHlIt — Eleanor Terrett (@EleanorTerrett) April 11, 2025 What Does the PROOF Act Require? No Fund Mixing, Monthly Reserve Checks The PROOF A… The post Senators Try Again With PROOF Act to Clean Up Crypto Fund Handling appeared first on Coin Edition .

https://www.digistore24.com/redir/325658/ceobig/
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.