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.
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.
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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.
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.
Read More
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