The main Republicans in the House of Representatives have formally introduced their latest version of the bill to establish a regulatory structure for digital asset markets, something that the industry has demonstrated for years.
The successor of the innovation and financial technology of the previous session for the Law of the 21st Century (FIT21), the new bill called Law of Clarity of the Digital Assets Market is being promoted by the main Republicans of the Chamber’s financial services and the Chamber Agriculture Committees. The Stablecoin legislation remains the favorite to be the first important piece of the Cryptographic Law of the United States, but Thursday’s introduction pushes the ball forward in the most important and complex efforts of the two complementary efforts.
“The United States should be the world leader in the digital asset market, but we cannot do it without establishing a clear regulatory framework,” said representative Dusty Johnson, the South Dakota Republican who directs the Subcommittee of Agriculture focused on digital assets, in a statement on the introduction of the bill.
The strong law of clarity of 236 pages, probably a starting point for long negotiations between the parties in the Chamber and, finally, their counterparts of the Senate, grants to the Futtes Commission of Futtes of the basic products “exclusive regulatory jurisdiction over the digital cash in cash or the markets of the US regulators.
The legislation would establish a regime in which cryptographic platforms would have registration options in the CFTC and the stock exchange and securities commission, depending on whether they are negotiating digital asset products, such as Bitcoin.
values or both. Those who seek registration with the CFTC as an exchange of digital basic products, corridor or distributor could obtain provisional records while the agency is working on the rules.
The bill also requires that cryptographic platforms are regulated as financial signatures under the Bank Secrets Law; exempt certain decentralized finance operations (DEFI) and wallet suppliers from the supervision of the sec; It prohibits the future efforts of regulators to force custody companies to maintain their clients’ assets in their own balances, such as the SEC personnel sought to do under an accounting position now written; And it puts some transactional authorities on payment stabilizations, which are clearly claimed that they are not values, in the hands of any regulator that already supervises the company involved in the activity.
The clarity law also deepened the so -called “qualified digital asset custodians”, previously a controversial point when the SEC sought to allow only a narrow series of regulated custodians to handle the assets of the clients of the investment advisors. The new bill establishes the standard for a custodian as one under the “adequate supervision and the appropriate regulation by certain federal, state or foreign authorities”, a CFTC bar will be called to define.
Defi is kicked along the way, and the bill demands the study of the SEC, CFTC and the Treasury Department that focus on digital assets and return with a report in a year on how to proceed. The government’s responsibility office would also be asked to write a report on defi and non -fungible tokens (NFT).
The regulators involved would have a year to put into effect the rules of the structure of the market of clarity if the law was promulgated. That is a strict term for complex financial regulation, which can often have been more than a year, or even several years, so that the agency personnel write rules and seek public contributions. Despite similar deadlines in the 2010 Dodd-Frank Law, for example, there are still some provisions that have not yet been completed.
The Senate will return to a debate on the floor next week about his Stablcoin bill, which has already cleared several procedural obstacles with bipartisan support, despite the strong democratic doubts about the personal commercial connections of President Donald Trump with the cryptographic sector that his government is looking to regulate. But it is not clear if that legislation will be combined with any version of the supervision of Stablecoin in which the Chamber finally votes, leaving uncertainty about exactly how cryptographic legislation will proceed in this session.
There is some discussion about whether the project of establishment and structure structure of the market must be combined as a single cryptographic impulse in Congress. Trump has asked both to terrify in their desk at the rest of the August Congress, although many cryptographic experts in Washington see it as a highly ambitious goal.
The Committees of the Chamber of Relevant Representatives will hold digital asset hearings next week that will give members the opportunity to publicly discuss the details of the legislation.
Read more: the rules of the market structure for cryptography could end up governing the nucleus of US finances: les
