3.0.0 3087 2025-01-14T18:20:21Z 2025-01-14T18:20:21Z Senate S S 2023-10-19 118 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred To 2023-10-19T17:02:15Z 2023-10-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2023-10-19 Introduced in Senate IntroReferral 10000 9 Library of Congress T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland N H000273 Sen. Hickenlooper, John W. [D-CO] John Hickenlooper D CO W. 2023-10-19 True Finance and Financial Sector Finance and Financial Sector 2023-11-07T17:00:43Z

00 2023-10-19 Introduced in Senate 2024-07-09T15:39:56Z <p><strong>Proving Reserves Of Others’ Funds Act or the PROOF Act</strong></p><p>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.</p><p>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.</p><p>The bill also provides for the creation of an industry standard for the attestations.</p><p>Violations are subject to civil penalties.</p>

Display Title 45 2024-07-24T15:20:07Z Short Title(s) as Introduced 101 2024-05-24T13:35:52Z Introduced in Senate IS Short Title(s) as Introduced 101 2024-05-24T13:35:52Z Introduced in Senate IS Official Title as Introduced 6 2023-10-27T04:28:53Z Introduced in Senate IS Introduced in Senate 2023-10-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s3087is/xml/BILLS-118s3087is.xml 2023-10-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.