AUSTIN, TX – HB 1666, filed by State Rep. Giovanni Capriglione, passed in the Texas House of Representatives earlier today. The measure aims to rebuild trust in the market by requiring Proof of Reserves for digital asset exchanges.
Below is the statement issued by Perianne Boring, Founder and CEO of the Chamber of Digital Commerce following its passage:
“Congratulations to Rep. Giovanni Capriglione (R-TX) and the Texas House of Representatives on the passage of HB 1666, which seeks to protect Texas consumers’ investments in digital assets and addresses the critical issue of Proof of Reserves for exchanges. This legislation represents an essential step towards ensuring the stability and security of the digital asset market, and it is very promising to see this bill move forward.”
“Our industry is committed to fostering innovation in the digital asset industry, and we strongly believe that transparency and trust are fundamental to its growth. The Proof of Reserves requirement in this bill is exactly what should be required by custodians to demonstrate that they hold sufficient assets to cover all customer deposits.”
“We look forward to working with Texas lawmakers to continue to advance HB 1666 alongside the Innovation and Technology Caucus of the Texas Legislature and the Texas Blockchain Council. We believe this legislation can serve as a model for other jurisdictions seeking to ensure the stability and security of their digital asset markets.”