Texas Republican State Rep. Giovanni Capriglione submitted Bill 166 to the House of Representatives, which will introduce some regulations on the unregulated cryptocurrency market in Texas to protect investors using Coinbase, Cash App and Kraken, etc. Digital asset exchange. The bill would require digital asset exchanges to verify that they have sufficient reserves to pay customers; prohibit exchanges from commingling consumer funds with corporate assets; and require independent audits of reports submitted to the Texas Department of Banking. A similar bill, SB 770, has been introduced to the Texas Senate, and if one of those bills passes, it would be the first statute of its kind in the state, Capriglione said.