Texas Passes New Proof of Reserves Bill for Crypto Exchanges

The Texas House of Representatives has passed a bill saying that all crypto exchanges and related platforms must provide proof of reserves. This means that all trading companies must give regular proof that they have enough assets and currency in play to keep themselves afloat and to ensure all customers get their due funds should problems arise. Texas Pushes for Stronger Crypto Regulations The move is clearly a reaction to the FTX debacle, which occurred last November. FTX will likely go down as one of the biggest debacles of the digital currency space. The exchange – which first opened its