US Texas House passes bill requiring crypto companies to report their reserve assets
04/21 09:52
The US Texas House of Representatives passed a bill, HB1666, on 20 April that would require crypto companies to demonstrate that they have sufficient assets in reserve. The bill may also require crypto companies to provide quarterly accounting reports to their customers and auditors. These reports must detail outstanding debts owed to customers and the amount of cryptocurrency the company has in reserve. Companies would also be required to submit reports containing additional information to the Texas Department of Banking by the 90th day after the end of each fiscal year. The bill has not yet been passed by the Texas Senate and has not been signed into law. It is unclear if or when the bill will proceed to these stages.
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