PROOF Act

referredUnited States· United States Congress· EN

Introduced

10 April 2025

Last action

10 April 2025 · Introduced

Status

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

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

10 April 2025
Introduced
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
10 April 2025
Introduced
Introduced in Senate
Source: IntroReferral

Votes

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Versions

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Documents

2 official files

Introduced in Senate

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Introduced in Senate
Introduced in Senate · EN · 10 April 2025
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Introduced in Senate
summary · EN · 10 April 2025
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

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Sources

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Official source: https://www.congress.gov/bill/119th-congress/senate-bill/1405
Open data entity: https://api.congress.gov/v3/bill/119/s/1405
us · 119-s-1405 · source updated 5 March 2026