Texas proof-of-reserve bill passes through the Senate Legislation that could require exchanges to maintain reserves
“in an amount sufficient to fulfill all obligations to customers” has made it one step closer to becoming law in Texas. On
May 15, the bill passed a vote in the state Senate and
now awaits only the governor’s signature.
Texas House Bill 1666, amending the Texan finance code, passed through the state’s
House of Representatives earlier this year. After three readings in the Senate, the text of the bill
hasn’t experienced any significant changes from the previous draft.
Under the amendments, digital asset providers serving
more than 500 customers in the state, with at least
$10 million of customer funds, would be restricted from comingling the customer funds
with any other type of operational capital, and using customer funds for any further transactions besides
the original transaction demanded by the customer.
