Texas senate passed a bill today that requires crypto exchanges to provide proof of reserves

So today Texas senate passed a bill called Texas House Bill 1666 where amongst other things it says it require crypto exchanges to have enough necessary reserves. As it says in the bill, crypto exchanges are required to hold reserves in an amount sufficient to fullfill all obligations to their customers.

Full bill that they just passed can be read in its entirety here: https://legiscan.com/TX/text/HB1666/2023 . Seems like a reasonable and IMO pretty good thing to have, especially for customers. If all crypto exchanges had to do this by default we would definitely have less cases like FTX happening.