Crypto Exchange Disclosure Act

Bill: 117-hr-9421
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2022-12-02
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-12-02
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-12-02
action_desc: Introduced in House
text: <p><b>Crypto Exchange Disclosure Act</b></p> <p>This bill requires cryptocurrency exchanges that hold customer assets to periodically disclose proof of reserves to the Securities and Exchange Commission. This includes the amount of assets held by the exchange compared to the liabilities of the exchange.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 9421 IN THE HOUSE OF REPRESENTATIVES December 2, 2022 Mr. Torres of New York introduced the following bill; which was referred to the Committee on Financial Services A BILL To require certain cryptocurrency exchanges to make disclosures relating to proof of reserves to the Securities and Exchange Commission, and for other purposes.

1. Short title This Act may be cited as the Crypto Exchange Disclosure Act . 2. Cryptocurrency exchanges proof of reserves disclosures A cryptocurrency exchange that holds assets on behalf of customers shall periodically (as determined by the Securities and Exchange Commission) 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.