Texas Republican state Rep. Giovanni Capriglione has introduced Bill 166 to the House of Representatives, which would impose some regulations on the unregulated cryptocurrency market in Texas to protect investors using Coinbase, Cash App and Kraken, etc. Digital asset exchange.
The bill would require digital asset exchanges to verify they have sufficient reserves to pay customers; prohibit exchanges from commingling consumer funds with corporate assets; and require independent audits of reports submitted to the Texas Banking Department. Capriglione said a similar bill, Bill 770, has been filed in the Texas Senate, and if one of the bills passes, it would be the first such legislation in the country.
