Senior House Republicans have introduced an extensive bill aimed at bringing substantial changes to the cryptocurrency landscape in the U.S. The legislation, called “the Financial Innovation and Technology for the 21st Century Act,” mandates the creation of clear definitions for “blockchain” and “digital asset” within existing financial law, and for the creation of rules specifically for crypto exchanges.
Encompassing over 200 pages, the bill stipulates that both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would be obligated to create unique regulations for digital asset trading platforms and exchanges.
Notably, the bill ensures that regulatory authorities would not be able to create rules on how individuals can personally hold digital assets. It would also provide digital asset projects with exemptions from the usual securities offering registrations, within certain limits.
This would allow issuers to offer up to $75 million worth of tokens in a 12-month period, although restrictions on sales to unaccredited investors — a group that most buyers belong to — would apply.
Issuers would still be required to submit documentation to the SEC, including biannual and annual reports on the project, unless regulators have certified it as sufficiently decentralized for the token to qualify as a commodity.
The new bill contains provisions to safeguard customer assets and funds, including a clear prohibition against the mixing of customer assets, a charge previously leveled against FTX and other large crypto companies. It also places restrictions on token issuers.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/21/
- :not
- $UP
- 200
- 2023
- 21st
- a
- Able
- Act
- against
- aimed
- allow
- also
- Although
- an
- and
- annual
- Apply
- AS
- asset
- Assets
- At
- Authorities
- BE
- Bill
- blockchain
- both
- Bringing
- buyers
- called
- CAN
- Century
- certain
- Certified
- CFTC
- Changes
- charge
- clear
- COM
- commission
- commodity
- Companies
- contains
- create
- creation
- crypto
- crypto companies
- Crypto Exchanges
- crypto roundup
- CryptoCompare
- cryptocurrency
- customer
- decentralized
- definitions
- digital
- Digital Asset
- Digital Assets
- documentation
- ensures
- Ether (ETH)
- exchange
- Exchange Commission
- Exchanges
- existing
- extensive
- financial
- financial innovation
- For
- from
- FTX
- funds
- Futures
- Futures Trading
- Group
- Have
- hold
- House
- How
- HTTPS
- in
- Including
- individuals
- Innovation
- introduced
- Investors
- issuers
- IT
- July
- landscape
- large
- Law
- Legislation
- limits
- mandates
- million
- million worth
- Mixing
- most
- New
- of
- offer
- offering
- on
- Other
- over
- pages
- period
- Personally
- Places
- Platforms
- plato
- Plato Data Intelligence
- PlatoData
- previously
- Prohibition
- project
- projects
- provide
- qualify
- regulations
- Regulators
- regulatory
- Reports
- Republicans
- required
- restrictions
- roundup
- rules
- s
- sales
- SEC
- Securities
- Securities and Exchange Commission
- specifically
- Still
- submit
- substantial
- Technology
- that
- The
- to
- token
- Tokens
- Trading
- Trading Platforms
- u.s.
- unique
- with
- within
- worth
- would
- zephyrnet
