U.S. Senators Set in Motion Bipartisan Proof-of-Reserves Bill


Crypto advocates across the spectrum applaud the legislative action.

The Proving Reserves of Others Funds (PROOF) Act is the brainchild of Sens. Thom Tillis (R-NC) and John Hickenlooper (D-CO), who shared a draft of the legislation on Friday. The legislation intends to guard against unethical co-mingling of customer funds and require a monthly proof-of-reserves (PoR) report from a neutral, third-party auditing firm.

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