; and (ii) submit to the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants the proposed standard described in clause (i) for approval of the proposed standard by those entities. (D) Approval of standard (i) In general Not later than 18 months after the date of enactment of this Act, the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants shall jointly approve a proposed standard submitted to those entities under subparagraph (C). (ii) Extension of deadline If, as of the date that is 18 months after the date of enactment of this Act, the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants have not issued a joint approval described in clause (i), the 18-month deadline described in that clause with respect to that approval shall be extended by consecutive 180-day periods until the date on which those entities issue such an approval. (b) Reports (1) In general An auditing firm that prepares an attestation under subsection (a) with respect to an entity shall, after making the attestation, submit to the Under Secretary a report that addresses the following with respect to the entity: (A) Cryptographic proof of possession or control over keys that are capable of effectuating the transfer, change of control, or movement of a chain of assets that are owned by a person other than that entity, such as a customer of the entity. (B) Verification of cryptographic proof of reserves of the entity. (C) (i) Verification of cryptographic proof of the liabilities of the entity. (ii) For the purposes of clause (i), cryptographic proof means a cryptographically verifiable attestation using a Merkle tree structure, a zero-knowledge proof, or another similar mechanism that can prove— (I) the existence of the applicable liabilities