### A new bill requiring crypto exchanges to show proof of reserves was passed by the Texas House of Representatives on April 20th. This marks a significant step towards greater transparency in the industry, a long-standing concern for regulators and customers alike.

Under the new law, crypto exchanges will be required to produce quarterly financial reports for their customers and auditors. These reports must specify the amount of cryptocurrency set aside for customer obligations and other liabilities. Additionally, within 90 days following the conclusion of each fiscal year, businesses must provide additional details to the Texas Department of Banking.



Several commenters have voiced their support for this decision. Rather than prohibiting or significantly regulating cryptocurrency exchanges, this bill encourages increased transparency on their part. It also provides customers with the assurance that their funds are being held responsibly and that the exchange is operating in good faith.



Overall, this legislation highlights the growing recognition of cryptocurrency as a legitimate financial asset. As more states and countries begin to take notice and take action, we can expect to see continued growth and development in this emerging market.

A new bill requiring crypto exchanges to show proof of reserves was passed by the Texas House of Representatives on April 20th. This marks a significant step towards greater transparency in the industry, a long-standing concern for regulators and customers alike.

Mon May 08 2023

Lone Star State Leads The Way With Bill Mandating Crypto Exchange Transparency Via Proof Of Reserves

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Mon May 08 2023 Lone Star State Leads The Way With Bill Mandating Crypto Exchange Transparency Via Proof Of Reserves

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Mon May 08 2023

Lone Star State Leads The Way With Bill Mandating Crypto Exchange Transparency Via Proof Of Reserves