S 1405 · in committee · significant
PROOF Act
- technology
What this bill does
- Digital exchanges must keep customer funds separate and protected from loss or delayed access.
- Cryptocurrency and digital asset exchanges and their custodians are required to comply.
- Exchanges must provide independent audits proving they have reserves to cover customer assets, with violations subject to civil penalties.
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Community Threads
Started by Cosponsor
- 01
How would mandatory reserve audits affect smaller cryptocurrency exchanges' ability to compete with larger platforms that already maintain such protections?
- 02
What happens to customers' digital assets if an exchange fails to maintain required reserves before regulators detect a violation?
- 03
Which agency should oversee compliance and enforcement of these reserve requirements, and how might that choice impact innovation in the digital asset industry?
Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.
Sponsor · R-NC
Thom Tillis
Citizen cosponsors
0
In Congress
1/ 100
Senators cosponsoring
Introduced 2025-04-10
Joining the bill
Legislative timeline
2025-04-10 · senate · IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-04-10 · IntroReferral
Introduced in Senate
Citizen comments
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