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New Digital Exchange Rules: Protecting Customer Funds

This act introduces new requirements for digital exchanges and digital asset custodians to better protect customer money and assets. Companies will need to regularly prove they hold customer funds and keep them separate from their own. This aims to increase the security of your digital assets and reduce the risk of loss.
Key points
Digital exchanges must separate your funds from their own for better security.
Companies will need to regularly prove they hold all customer funds, increasing transparency.
Financial penalties are introduced for companies that fail to comply with the new rules, ensuring enforcement.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1405
Sponsor: Sen. Tillis, Thomas [R-NC]
Process start date: 2025-04-10
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

PROOF Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_1405.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-04-10.

What are the main provisions?

Key points include:

  • Digital exchanges must separate your funds from their own for better security.
  • Companies will need to regularly prove they hold all customer funds, increasing transparency.
  • Financial penalties are introduced for companies that fail to comply with the new rules, ensuring enforcement.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Tillis, Thomas [R-NC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy Courts and Law