Senators Demand Transparency in Cryptocurrency Practices
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
PROOF Act Introduction: Senators Thom Tillis and John Hickenlooper are reviving the PROOF Act to enhance transparency in cryptocurrency practices, requiring firms to conduct monthly independent audits of customer assets to prevent fund mingling.
Impact on Consumer Trust: The legislation aims to restore consumer confidence by mandating accurate asset reporting and public audit results, marking a shift towards stricter oversight in the cryptocurrency sector.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
