S. 1405: PROOF Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-04-10 |
| Sponsor | Sen. Tillis, Thomas [R-NC] |
| Policy area | Finance and Financial Sector |
| Cosponsors | 1 |
| Latest action | 2025-04-10 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Last updated | 2026-03-05 |
Summary
Official summary (Introduced in Senate, 2025-04-10):
Proving Reserves Of Others’ Funds Act or the PROOF Act
This bill requires digital exchanges to protect customer funds and provide proof of reserves.
Specifically, digital exchanges must minimize (1) customer risk of asset loss, and (2) delays experienced by a customer when accessing assets. With some exceptions, a customer’s assets must be separated from any other assets and may not be used to margin, secure, or guarantee a trade or account of a person other than the customer.
Further, digital exchanges and digital custodians must report on their proof of reserves through an attestation from an independent auditing firm or a disinterested third party. The Office of Domestic Finance in the Department of the Treasury must make these attestations publicly available.
The bill also provides for the creation of an industry standard for the attestations.
Violations are subject to civil penalties.
Cosponsors (1)
| Name | Party / state |
|---|---|
| John W. Hickenlooper | D CO (original cosponsor) 2025-04-10 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 1405 are published by Congress on congress.gov.
View S. 1405 on congress.gov →
Frequently asked questions
What is S. 1405?
S. 1405 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: PROOF Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 1405 are available on congress.gov.
Bill data: congress.gov API (official congressional records).