PROOF Act
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, PROOF Act, changes federal law or congressional policy affecting federal agencies and legislative administrators. The main policy domain is Government Operations, Finance, Environment.
Who Benefits and How
federal agencies and legislative administrators may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section S1: 1. Short title This Act may be cited as the Proving Reserves Of Others’ Funds Act or the PROOF Act.
- Section idDA3A4F8A81A94DD4AFBBB2262D67C37D: 2. Definitions In this Act: The term covered asset means, with respect to a customer of a digital exchange, money, an asset, or property of the customer. The...
- Section id71D672138DC54494ADA6BE9E15BBE7F9: 3. Requirements for digital exchanges regarding treatment of customer assets Each digital exchange shall establish baseline accounting standards and procedures...
- Section idC6383EDD7F9746D6BA912639F52C4BA7: 4. Attestation requirements Not later than 30 days after the effective date of this section, and monthly thereafter, each digital exchange and each digital...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, PROOF Act, changes federal law or congressional policy affecting federal agencies and legislative administrators.
Key Policy Areas
Government Operations, Finance, Environment
Primary Purpose
This bill, PROOF Act, changes federal law or congressional policy affecting federal agencies and legislative administrators.
Policy Domains
Whole bill
Identified Gains
- federal agencies and legislative administrators
Identified Costs
- federal implementing agencies
Sponsors
Legislative Progress
In CommitteeMr. Tillis (for himself and Mr. Hickenlooper) introduced the following …
Read twice and referred to the Committee on Banking, Housing, …
Introduced in Senate
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → The commission identified in the operative section
- "secretary_of_treasury"
- → Secretary of the Treasury
Key Definitions
Terms defined in this bill
any device, physical medium, program, or service that stores a digital asset or digital commodity. The term investment contract means a contract— that provides for an investment of money in an enterprise with a sponsor
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology