River, a leading U.S. Bitcoin exchange, has launched River Proof of Reserves to provide clients with verifiable proof that their Bitcoin holdings are fully reserved. This sets a new transparency standard for the industry after recent failures of exchanges like FTX shook consumer trust.

River CEO Alex Leishman stated, “River Proof of Reserves is about more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term client trust.” He added, “Our goal is to build unshakable trust with our clients. Proof of Reserves is the gold standard for Bitcoin custody.”

The new feature allows clients to independently confirm that River holds their Bitcoin in full reserve multi-sig cold storage. River currently secures over $800 million worth of Bitcoin for its clients. 

According to Leishman, “We’re leading by example by proving every month that your Bitcoin is exactly where we say it is.” After recent failures, he encouraged the industry to adopt similar transparency standards to rebuild trust.

The added transparency also prevents fractional reserve practices from destabilising fiat currencies and leading to bank failures. If more Bitcoin exchanges prove full reserves, it could restore faith in intermediaries while stopping dangerous leverage in the system.

The final event of the America Loves Crypto tour took place yesterday in Washington, D.C. as the country counts down to the 2024 election. Speakers including Coinbase CEO Brian Armstrong, ConSensys CEO Joseph Lubin, and Congressman Wiley Nickel (D-NC) addressed the maximum capacity crowd at the Black Cat music venue.

The speakers largely agreed on one idea: the importance of supporting cryptocurrency in America through a concerted bipartisan effort.

In their shared stage appearance, Brian Armstrong and Congressman Nickel noted that they see it as critical to keep and foster cryptocurrency innovation in America.

This importance, for Nickel in particular, is not so solely founded on a belief in the technology, but is ostensibly due to the fact that 20% of American adults own some form of cryptocurrency, a voting block that Nickel thinks “[has] the ability to sway elections.”

Nickel added: “If we want to do things in Washington, it’s critically important that we do it in a bipartisan way. If we politicize the issue with one party going into crypto versus another, it’s going to poison the well in Washington for a decade.”

Since Biden took office in 2020, his administration’s SEC, DoJ and DoE (Department of Energy) officials have introduced a fair amount of unwelcome regulatory hurdles. Notably, Nickel’s support of cryptocurrency does signal a change of tune for the historically hostile Democratic Party.

“I started coming to DC five years ago, and when I first came here, most people didn’t know what crypto even was,” said Armstrong. “One member of Congress asked me: ‘Isn’t this all some video game or something like that?’ Once they figured out what crypto was over the years, the conversation totally shifted. Now, everybody knows what crypto is, we’re kind of the belle of the ball, the hot topic on everyone’s lips.”

However, one attendee, an executive at a prominent financial institution who wished to remain anonymous, reflected on the development of crypto-politicking and what they see as under-commitment on the part of the Democratic Party.

In particular, the executive believes that the Biden administration’s veto of legislation overturning SAB 121, which if signed would have allowed highly regulated financial institutions to custody digital assets, was a major wake-up call.

They remarked that the crypto industry, despite raising large amounts of money for campaign contributions, still carries a strong stigma and that policymakers don’t offer the respect this single-issue voter bloc deserves.

The America Loves Crypto tour had been focused on addressing the stigma with a mixture of live music and grassroots community building. Alex Pall and Drew Taggart, otherwise known as The Chainsmokers, closed out the event, entertaining the crowd with their classic hits, unreleased music, and most notably a cry of “F$*# Gary Gesnler”. The Chainsmokers themselves are no strangers to cryptocurrency and founded the tech and crypto-focused Mantis Venture Capital fund in 2020.

With stops in Arizona, Nevada, Michigan, Wisconsin, Pennsylvania and Washington, D.C., many in attendance on the America Loves Crypto tour were hopeful that more than 1.4 million Stand With Crypto advocates nationwide can flex their muscle as a true deciding factor in November.