Bills on Cryptocurrency Consumer Protection and Proof of Exchange Reserves Introduced in the US Congress
US Congressman Ritchie Torres has introduced bills in the House of Representatives to ban the misuse of client funds by cryptocurrency exchanges. And so, require these platforms to disclose proof of reserves to the Securities and Exchange Commission (SEC). The short bills are intended to complement other cryptocurrency legislation being passed, Torres said .
Torres introduced the bills, which have the titles of the “Crypto Consumer Investor Protection Act” and the “Crypto Exchange Disclosure Act,” on December 1. The bills are very short and the same, they have been referred to the Committee on Financial Services of the House of Representatives.