With a recent initiative by US lawmakers to improve the regulatory environment for crypto, a new crypto bill has been proposed.
Positive developments have come in from the United States regarding crypto regulation, as US lawmakers have published a draft discussion for a new crypto bill in this regard. The US lawmakers from the United States House Financial Services Committee as well as the House Agriculture Committee, are responsible for the draft discussion.
Interestingly, the draft discussions mention how better clarity around crypto regulation was important due to the recent crackdowns by the US Security and Exchange Commission (SEC) on the crypto space. The new crypto bill would likely prevent the US Security and Exchange Commission from stopping crypto firms from offering digital assets like stablecoins and other digital commodities. Such crypto firms would also be allowed to register as a regulated alternative trading system.
Moreover, the draft discussion has mentioned how the bill would enable particular digital assets to be classified as digital commodities if they fulfilled certain criteria of decentralization. On the other hand, the US Security and Exchange Commission would be needed to provide reports of firms it did not consider decentralized.
The draft discussion officially describes a digital asset as “any fungible digital representation of value that can be exclusively possessed and transferred, person to person, without necessary reliance on an intermediary, and is recorded on a cryptographically secured public distributed ledger.”
The new crypto bill was lauded by the crypto industry as well, while crypto-friendly US lawmakers will likely continue to support better crypto regulation.