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- On Wednesday, the House of Representatives introduced legislation to create a comprehensive regulatory framework for the digital asset market, including the ability for the federal government to outlaw specific stablecoins
- 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 decrease the risk of fraud and improve transparency
- Beyer believes that over 11,000 distinct digital asset tokens are in circulation, with a market capitalization of more than $1.5 trillion, and that 20 million to 46 million Americans own bitcoin and other digital assets
The House of Representatives presented legislation on Wednesday to create a complete legislative framework to regulate the digital asset market and perhaps give the federal government the power to prohibit particular stablecoins. Rep. Don Beyer (D-Va.), the bill’s sponsor, is chairman of the U.S. The present digital asset market structure and regulatory framework, according to the Joint Economic Committee of Congress, are too ambiguous and harmful for investors and consumers.
Among the numerous provisions of the bill are the following, create statutory definitions for digital assets and digital asset securities, and provide the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdiction over digital assets and digital asset securities, respectively. To reduce the risk of fraud and enhance transparency, 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.
Add digital assets and digital asset securities to the Bank Secrecy Act’s (BSA) statutory definition of monetary instruments, formalising the regulatory obligations for digital assets and digital asset securities to comply with anti-money laundering, recordkeeping, 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 with explicit authority to issue digital assets, digital asset securities, and fiat-based stablecoins. Treasury Secretary has the ability to allow or ban stablecoins based on the US dollar and other fiat currencies.
Direct the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Securities Investor Protection Corporation (SIPC) to issue consumer advisories about the noncoverage of digital assets or digital asset securities so that consumers are aware that they are not insured or protected in the same way that bank deposits or securities are. Beyer estimates that there are over 11,000 different digital asset tokens in circulation, with a market worth of over $1.5 trillion, and that 20 million to 46 million Americans hold bitcoin and other digital assets.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
