Bipartisan Bill Seeks More Oversight of Crypto Firms After FTX Collapse
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Senators Tillis and Hickenlooper introduced bipartisan legislation to prevent another FTX-type collapse.
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The bill prohibits co-mingling of customer funds and requires monthly proof of reserves audits.
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Audits submitted to Treasury, posted publicly, with fines for non-compliance.
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Seeks to build trust in digital asset markets through transparency.
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Comes after FTX collapse revealed lack of protections for crypto consumers.