The U.S. Crypto Bill Surfaces Online With Strict Regulations
- Some securities regulations have been rewritten to be more precise.
- The regulations governing public disclosure have been tightened.
The ‘EMBARGOED’ watermark appeared on a series of papers in the wee hours of Monday morning. Soon after Twitter user ‘bot_slam‘ posted photographs of it on their feed, the crypto community began dissecting its technicalities—mostly how it may affect their wallets. The U.S. Crypto Bill, a 600-plus page document, has apparently been leaked.
here you go
— slam (@bot_slam) June 7, 2022
(plz RT) pic.twitter.com/UOVhIUiUBu
For this reason, the Cryptocurrency Bill offers legislative certainty and dispels lingering skepticism. The answers to questions that had previously been evaded have now been provided. Some of the rough spots, on the other hand, might turn into nightmares for investors and organizations if they are not addressed. A few positives may also be drawn from this development. DAOs, exchanges, and stablecoin providers would all have to be registered companies to begin complying with regulations. Supposedly, if they were not registered, they would be taxed.
New Bankruptcy Definitions
Some securities regulations have been rewritten to be more precise, and the Commodity Futures Trading Commission (CFTC) has reclassified numerous assets as commodities. Of all of the stipulations, one that stood out was the need that the underlying asset no longer is classified as a digital asset commodity if it had any debt, equity, profit income, or dividend.
The regulations governing public disclosure have been tightened, making it almost hard for initiatives to remain nameless. The measure also included separate restrictions for crypto exchanges. It is recommended that the costs of compliance be raised. Exchanges may attempt to recoup the costs by charging greater fees to investors, who would thus be forced to share the burden.
There are also new bankruptcy definitions. According to the measure, assets placed by users would be restored to them, not liquidated. If this clear-cut plan is approved, it may be good for crypto investors.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
