The Texas State House of Representatives has passed a bill that requires cryptocurrency exchanges to provide greater transparency and protection to users, mandating exchanges to maintain adequate fund reserves to honour user commitments and obligations. Exchanges may also be required to provide quarterly accounting reports to users or customers who use their services. This newly passed bill is in accordance with recent legislation requiring all digital asset providers, including cryptocurrency exchanges, to submit a detailed report before or on the 90th day after each fiscal year. It is yet to be seen whether the bill will be signed into law, but it is potentially bullish news for the crypto industry as it may draw in new users with a sense of adequate security provision and transparency. The bill aims to provide protection to users, especially as the industry has faced multiple hacks and bad actors undermining the industry’s growth. By providing greater transparency and user protection, exchanges may be able to encourage growth throughout the industry.
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