U.S. Senator Proposes Reserve Proof Bill to Prevent Collapse Similar to FTX

According to ChainCatcher, as reported by Decrypt, U.S. Senator Thom Tillis from North Carolina and U.S. Senator John Hickenlooper from Colorado have introduced a bill titled "The Proving Reserves of Others Funds" (PROOF), aimed at preventing the unethical mixing of customer funds and requiring neutral third-party auditing firms to submit a proof of reserves (PoR) report on a monthly basis.
The two senators stated that the bill will establish safeguards to prevent another collapse like FTX. Under the bill, cryptocurrency exchanges must establish baseline account standards to guarantee customer funds, and will also be required to verify the cryptographic proof of reserves as well as the company's liability proof. Finally, the bill stipulates a series of civil penalties, including fines to be paid in the event of a violation.