Digital Asset Security: Exchanges Must Prove Customer Fund Reserves Monthly.
This bill establishes strict new rules for digital asset exchanges and custodians to safeguard customer funds. It mandates monthly independent audits proving they hold sufficient reserves to cover all customer assets, with these reports being made publicly available. The goal is to enhance the security of your digital holdings and prevent platforms from misusing or co-mingling your money.
Key points
Digital exchanges must strictly segregate customer assets from their own operational funds, minimizing risk of loss and preventing unauthorized use.
Mandatory monthly "Proof of Reserves" attestations by independent auditors, verifying the exchange's control over customer assets and liabilities.
Audit reports, including cryptographic proof of reserves and liabilities, must be submitted to the Treasury Department and made publicly accessible for transparency.
Civil penalties will be imposed on exchanges and custodians that fail to meet the new transparency and asset segregation requirements.
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