PANews reported on April 12 that according to Cryptoslate, U.S. Senators Thom Tillis (R-North Carolina) and John Hickenlooper (D-Colorado) have reintroduced a legislative measure to prevent digital asset custodians from mixing customer funds with institutional or proprietary capital. The bill, called the Proof of Others' Funds Reserve Act (PROOF), also requires monthly third-party inspections of custodial reserves, and is based on standards that are already informally used in the digital asset space. The PROOF Act was originally introduced in 2023 in response to systemic failures exposed by the collapse of the cryptocurrency exchange FTX.