The bill passed through a Senate vote and now awaits only the state governor's signature.
The legislation that could oblige exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” made it one step closer to reality in the state of Texas. The bill passed through a Senate vote and now awaits only the state governor's signature.
On May 15, state bill 1666, amending the Texan Finance Code, was voted in by Senate after passing the state House of Representatives voting earlier this year.
Should the provider fail to comply with the requirements, the state’s Banking Department would have a right to revoke its license. Texas became an area of proactive legislators when it comes to crypto. Apart from the “Proof of Reserve” bill, the legislative project to
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