A Bill on Digital Assets in the United States
This week at United Statestwo senators have joined forces to a law project on cryptocurrencies. They are Cynthia Lummis, Republican Senator from Wyoming and Kirsten Gillibrand, who represents New York State for the Democratic Party.
— Senator Cynthia Lummis (@SenLummis) June 10, 2022
This text aims to provide a clear regulatory framework around cryptocurrencies. Cynthia Lummis is aware of the opportunities our ecosystem offers and plans to reconciling innovation and consumer protection †
“The United States is the global financial leader and to ensure greater opportunities for the next generation of Americans, it is essential to integrate digital assets into existing law and to leverage the efficiency and transparency of this asset class while mitigating risks. to grab.”
One of the central axes of this bill is thus: define the roles of the different crypto-assets† This includes, for example, analyzing the extent to which they offer voting rights or represent transferable securities. Several checkpoints then make it possible to determine: regulations adapted on a case-by-case basis.
Cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), whose nature makes them similar to: raw materialswould then see their regulation move into the competence area of the Commodity Futures Trading Commission (CFTC).
Note that the Wyoming senator has a reputation… particularly open to cryptocurrencies† Last February, she championed the idea that the US Federal Reserve (Fed) would have an interest in buying Bitcoin (BTC).
👉 To continue – Find our guide to buying Bitcoin (BTC)
The Regulatory Sandbox
So this bill focuses on several issues, and one of them aims to give the United States a regulatory sandbox† Senators Lummis and Gillibrand hope federal and state regulators can partner with entrepreneurs in the blockchain ecosystem.
The priority should be: given to innovation and supervise experimentation with new products. At the same time, emphasis should be placed on consumer education†
An advisory committee should also be established to identify key guiding principles for this sector. This committee would include representatives of different stakeholders, both on the legal side and the crypto ecosystem.
On the other hand, the text asks the Government Accountability Office (GAO) to investigate the integration of digital assets into retirement savings, such as 401(k) plans. The goal here is: so as not to limit this possibilitybut in order to map out the risks, in order to guarantee well-considered investments.
This notion of consumer education applies more generally to platforms. These are held to support their customers as best as possible in their approach to blockchain technologies.
The other areas covered
Stablecoins are also popping up. This bill wants their impose 100% certainty as well as an obligation to disclose reservations. This should make it possible to guarantee the possibility of redemption in a one-to-one ratio.
At the same time, the text would facilitate the issuance of stablecoins for various financial institutions, provided they comply with the legal framework.
Of the tax benefits are also to be expected. We can mention strike and mining income, which are not counted in the tax calculation until they are sold.
Finally, this bill recommends several investigations, related to the activities of China and Russia, for the United States to set cybersecurity standards. In particular, this reflects the digital yuan, which is suspected of not respecting the privacy of its users.
The road is still long before any entry into force of the texts. Like any legal compromise, some points are helpful and others more debatable, but they have the merit of leading the country. to a precise position†
In addition to overly strict rules, legal vagueness sometimes they slow down innovation and can actually discourage companies from taking action.
👉 Also in the news – Outgoing MP Pierre Person presents a report on the crypto ecosystem
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