119th Congress · introduced in the Senate · Apr 10, 2025
PROOF Act
Official title from Congress.gov
Latest action (Apr 10, 2025): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
View on Congress.govPolicy area: Finance and Financial Sector
Congressional Research Service summary, version: Introduced in Senate (Apr 10, 2025)
Proving Reserves Of Others’ Funds Act or the PROOF Act
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.
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.
The bill also provides for the creation of an industry standard for the attestations.
Violations are subject to civil penalties.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
No recorded roll calls on this bill in coverage.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Actions from Congress.gov, newest first.
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