119th Congress Finance and Financial Sector
S. 1405: PROOF Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires digital exchanges to protect customer funds and provide proof of reserves.
Specifically, digital exchanges must minimize (1) customer risk of asset loss, and (2) delays experienced by a customer when accessing assets. With some exceptions, a customer’s assets must be separated from any other assets and may not be used to margin, secure, or guarantee a trade or account of a person other than the customer.
Further, digital exchanges and digital custodians must report on their proof of reserves through an attestation from an independent auditing firm or a disinterested third party. The Office of Domestic Finance in the Department of the Treasury must make these attestations publicly available.
Read the full summary
The bill also provides for the creation of an industry standard for the attestations.
Violations are subject to civil penalties.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Hickenlooper D-COOriginal
Who scored on this bill
- 1Thom Tillis SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Thom Tillis
History
- Introduced in the Senate by Thom Tillis.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.