Coin Gabbar Token

<h2 id="header-0">Texas Moves Closer to Enacting Cryptocurrency Exchange Regulations to Safeguard Customer Funds</h2>Legislation that could make it mandatory for <a href="https://www.coingabbar.com/en/crypto-blogs-details/top-five-cryptocurrency-exchanges-in-india" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> in Texas to maintain reserves sufficient to meet their customer obligations has moved one step closer to becoming law. The bill, called Texas House Bill 1666, has successfully passed a vote in the state Senate and is now awaiting the governor&#39;s signature to take effect.Earlier this year, the bill went through readings in the state&#39;s House of Representatives with only minor changes. The proposed changes aim to regulate digital asset providers that serve more than 500 customers in Texas and hold at least $10 million in customer funds. These providers would be prohibited from mixing customer funds with other operational money and using customer funds for anything other than the original customer request.Additionally, the bill requires exchanges to keep reserves that are enough to cover potential customer withdrawals at any time. Companies would also need to submit a report to the <a href="https://www.coingabbar.com/en/crypto-currency-news/texas-introduces-bill-to-ban-cbdcs" rel="noopener noreferrer nofollow">Texas</a> Department of Banking within 90 days after each fiscal year, detailing their customer liabilities.If a provider fails to comply with these requirements, their license can be revoked by the department.Texas has been proactive in its approach to cryptocurrency legislation. In addition to this bill, the state Senate previously passed a measure to limit incentives for crypto mining. Lawmakers in Texas have also amended the state&#39;s Bill of Rights to recognize the rights of individuals to own, keep, and use digital currencies.The legislation aims to establish stricter rules for cryptocurrency exchanges in Texas, aiming to protect customers and ensure responsible operations by digital asset providers in the state.

Texas Senate Approves Bill to Regulate Crypto Exchanges

Table of Contents

Coingabbar

Other articles published on May 22, 2023

SWFT Blockchain lists Pepe Monsta (MEPE)

Tornado Cash governance attack triggers TORN token price fluctuations

Evil Twins & Metaverse Identity Theft - Are You at Risk?

Nordek's Meteoric Rise: A Game-Changer in the Web3 Universe

TON accelerator program commits $25m this year for innovation

Cronos partners with City of Seoul to launch 'Seoul Web 3.0 Festival 2023’ and develop local bloc...

Join our free newsletter for daily crypto updates!