Senators reintroduce PROOF Act to ban crypto fund co-mingling
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Apr 11 2025Bipartisan Legislation: U.S. Senators Thom Tillis and John Hickenlooper have reintroduced the Proving Reserves of Others Funds Act, aimed at preventing crypto custodians from co-mingling customer assets with company funds and requiring monthly third-party proof-of-reserves audits to enhance transparency.
Response to FTX Collapse: The bill seeks to standardize solvency reporting practices in the crypto industry following the FTX collapse, which highlighted issues of misused customer funds and inadequate reserves, thereby aiming to build trust in digital markets.
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.
