Texas Crypto Bill

If Passed, This Proposed Legislation Would Protect Crypto Investors in Texas

CryptocurrencyNewsRegulation
··1 min read

Yesterday, April 20, 2023, the Texas House of Representatives passed a bill that would prevent the co-mingling of customer funds on crypto exchanges.

The bill, if passed by the Senate, would require exchanges that have more than 500 customers or $10 million in customer funds, to keep customer assets separate from their own.

In addition, exchanges would need to hold enough reserves to allow customers to fully withdraw funds.

The bill would also require exchanges to have their reserves audited on a quarterly basis.

Read more: What does this new US Bill mean for Stablecoins?

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