bitcoin, ethereum, litecoin, btc, eth, ltc, ftx
The Texas House of Representatives approved a bill on April 20 that requires crypto exchanges to maintain sufficient reserves to fulfill all obligations to customers. If the bill passes the Senate and receives the Governor's signature, it could become law by September 1, 2023. The bill amends the Texas Finance Code, specifically Section 160, and according to these amendments, digital asset providers serving more than 500 customers in the state and holding customer funds of at least $10 million will be prohibited from using customer funds for any other type of operational funds and any other transactions.