Two new brief crypto-related bills have been introduced in the US Congress.
United States Congressman Ritchie Torres has introduced bills in the House of Representatives to prohibit misuse of customer funds by cryptocurrency exchanges and to require exchanges disclose proof of reserves to the Securities and Exchange Commission . The short bills are intended to supplement other legislation that is passed on cryptocurrency, Torres said.
Torres introduced the bills, which have the titles of “Crypto Consumer Investor Protection Act’’ and “Crypto Exchange Disclosure Act,’’ on Dec. 1. The bills are very short. In copies obtained from Torres’ office, the body of the first bill, introduced as H.R. 9241, reads: “A cryptocurrency exchange may not lend, leverage, or co-mingle the funds of a customer without the consent of such customer.”“A cryptocurrency exchange that holds assets on behalf of customers shall periodically disclose to the Securities and Exchange Commission information relating to proof of reserves of the exchange, including, with respect to the exchange at the time of the disclosure, the amount of assets held by the exchange compared to the liabilities of the exchange.”U.S. Rep.
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