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S 3087 118th Congress Senate Finance and Financial Sector

PROOF Act

Introduced: October 19, 2023 Introduced by: Tillis, Thomas Republican · North Carolina See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 19, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 19, 2023
Introduced in Senate
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 Plain-English summary Congressional Research Service

Proving Reserves Of Others’ Funds Act or the PROOF Act

This bill requires digital exchanges to protect customer funds and provide proof of reserves. Specifically, digital exchanges must minimize (1) customer risk of asset loss, and (2) delays experienced by a customer when accessing assets. With some exceptions, a customer’s assets must be separated from any other assets and may not be used to margin, secure, or guarantee a trade or account of a person other than the customer.

Further, digital exchanges and digital custodians must report on their proof of reserves through an attestation from an independent auditing firm or a disinterested third party. The Office of Domestic Finance in the Department of the Treasury must make these attestations publicly available.

The bill also provides for the creation of an industry standard for the attestations.

Violations are subject to civil penalties.

What's happening now October 19, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Hickenlooper, John W.
Colorado · Oct 19, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3087: PROOF Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-3087/
MLA
"S. 3087: PROOF Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3087/.
Bluebook (legal)
S. 3087, 118th Cong. (2026), https://openamerica.io/bill/118-S-3087/.
Markdown link
[S. 3087: PROOF Act](https://openamerica.io/bill/118-S-3087/)
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