The two new bills are specifically for crypto exchanges owing to the recent unfortunate incidents in the industry
New bills were introduced in the United States House of Representatives to prevent the misuse of investors' funds in crypto exchanges. It would also make it mandatory for exchanges to provide proof of reserves to the Securities and Exchange Commission. The bills were introduced by Ritchie Torres, the Democrat United States Representative, who also confirmed that the bills would be in addition to other bills about the crypto industry.
The bills, titled "Crypto Consumer Investor Protection Act'' and "Crypto Exchange Disclosure Act," were introduced on December 1 and have now been referred to the House Financial Services Committee. The first bill, H.R. 9241, officially states, "A cryptocurrency exchange may not lend, leverage, or co-mingle the funds of a customer without the consent of such customer."