PROOF Act

This bill sets rules for companies that let people buy and sell digital assets, like cryptocurrency exchanges. These companies would have to keep customers' money and assets separate from other funds and couldn't use a customer's assets to back someone else's trades. The exchanges would also need to have an independent outside firm check and confirm that they actually hold the funds they claim to have, and those reports would be made available to the public through the Department of the Treasury. Companies that break these rules could face financial penalties.

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