Cyberspace reported that 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 client funds with institutional or own capital. The bill, known as the Proof of Funds of Others Act (PROOF), also requires monthly third-party inspections of custody reserves, and is based on standards already used informally in the digital asset space. The PROOF bill was originally introduced in 2023 in response to systemic failures exposed by the collapse of cryptocurrency exchange FTX.