Two U.S. senators have once again proposed the establishment of regulatory standards to prohibit digital asset custodians from mixing client and institutional funds

PANews reported on April 12th, according to Cryptoslate, US Senators Thom Tillis (Republican of North Carolina) and John Hickenlooper (Democrat of Colorado) have reintroduced a legislative measure to prevent digital asset custodians from mixing client funds with institutional or proprietary capital. The bill is called the "Proof of Reserves Act" (PROOF), which also requires monthly third-party checks on custody reserves, based on standards already informally used in the digital asset field. The PROOF Act was initially launched in 2023 to address systemic failures exposed by the collapse of cryptocurrency exchange FTX.