Texas moving forward with Crypto Exchange Regulations
The SEC wants all the Exchanges to go away, Texas wants to simply regulate them
The Texas House of Representatives passed a bill today requiring exchanges to prove their customer reserves.
Check it out:
(Source: https://twitter.com/BitcoinMagazine/status/1649122468588552192/photo/1)
This seems like a logical thing to do in order to protect users without trying to shut the whole industry down a la the SEC.
Here's to hoping any remaining US based Exchanges aren't swimming naked!
I've seen a lot of exchanges having less balance on wallets than users have had in trade orders... This pretty much means either the exchange is lending the assets to another exchange or was hacked and didn't replenish balance from SAFU... It's pretty common knowledge what or how many wallets each exchange have for coins with public blockchain.
I know definitely that Binance and HitBTC lend assets to other exchanges as sometimes the sender address for withdrawal on another exchange has matched the known hot wallet of those exchanges.
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