S1405Referred to Committee

PROOF Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-04-10
Introduced
1
Cosponsors
S
ⓘ
Type

Sponsor

Thom Tillis
Thom Tillis
Republican · NC · Senator
Votes with party: 38.4% (297 recorded votes)

Full profile: /officials/T000476

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2025-04-10

Source: Congress.gov

Plain-English Summary

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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Finance and Financial Sector
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