Framework to Regulate Crypto, Stablecoins Introduced in US Congress

[HAL1000]

https://www.coindesk.com/congressman-introduces-new-legislation-to-regulate-digital-assets

Among its many provisions, the measure would:

Create statutory definitions for digital assets and digital asset securities and provide the Securities and Exchange Commission (SEC) with authority over digital asset securities and the Commodity Futures Trading Commission (CFTC) with authority over digital assets

Require digital asset transactions that are not recorded on the publicly distributed ledger to be reported to a registered Digital Asset Trade Repository within 24 hours to minimize the potential for fraud and promote transparency

Explicitly add digital assets and digital asset securities to the statutory definition of “monetary instruments,” under the Bank Secrecy Act (BSA), formalizing the regulatory requirements for digital assets and digital asset securities to comply with anti-money laundering, record keeping, and reporting requirements

Provide the Federal Reserve with explicit authority to issue a digital version of the U.S. dollar, clarify that digital assets, digital asset securities and fiat-based stablecoins are not U.S. legal tender, and provide the U.S. Treasury Secretary with authority to permit or prohibit US dollar and other fiat-based stablecoins

Direct the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Securities Investor Protection Corporation (SIPC) to issue consumer advisories on “non coverage” of digital assets or digital asset securities to ensure that consumers are aware that they are not insured or protected in the same way as bank deposits or securities

[Julian_Williams]

Video commentary

Quote

 

"Came out of nowhere, a lot of work has been put into this"

"Exchanges will have to delist is this bill gets passed"

 

I think Gensler is orchestrating a lot of this.

Gensler has not answered Sen Warren's letter (it was due yesterday)

Edited July 30, 2021 by Julian_Williams