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- The US Congress looks to be pressing for more legislative clarification on crypto assets, with 18 legislation relating to blockchain and cryptocurrency introduced so far in 2021
- The Eliminate Barriers To Innovation Act, according to Brett, has made the greatest progress among Congress’ digital asset proposals since it was introduced in March
- Zachary Kelman, Cointelegraph’s general counsel, described the vague wording in the infrastructure bill as a political shell game in which politicians aim to raise taxes without specifying how they will be collected
The US Congress looks to be pressing for more legislative clarification on crypto assets, with 18 legislation relating to blockchain and cryptocurrency introduced so far in 2021. According to an analysis published on August 22 by Jason Brett, a former Federal Deposit Insurance Corporation regulator, the current 117th Congress has deviated from its predecessor by focusing on regulating decentralized assets rather than private stablecoins like Facebook’s Diem project.
The Digital Asset Market Structure and Investor Protection Act was introduced in July by Congress in an attempt to create separate legislative definitions for digital assets and digital asset securities. Although the law has yet to pass through Congress, it would require the Securities and Exchange Commission (SEC) to oversee digital asset securities, while the Commodity Futures Trading Commission (CFTC) would be in charge of regulating digital assets.
The Eliminate Barriers To Innovation Act, according to Brett, has made the greatest progress among Congress’ digital asset proposals since it was introduced in March. The Act intends to create a joint working group that would allow the SEC and the CFTC to work together to regulate the blockchain and crypto industries. According to the article, the measure has already cleared both Congress and the House of Representatives and is now seeking Senate approval. However, the industry has not embraced all of Congress’ digital asset bills, with last-minute amendments to the bipartisan infrastructure deal in July including a broad definition of digital asset brokers that threatens to impose strict counterparty reporting requirements on network validators and software developers.
Zachary Kelman, Cointelegraph’s general counsel, described the vague wording in the infrastructure bill as a political shell game in which politicians aim to raise taxes without specifying how they will be collected. With three pieces of legislation proposed this year, Congressman Tom Emmer has been one of the most active in the digital asset area.
Emmer’s ideas included the Blockchain Regulatory Certainty Act, which would exclude blockchain service providers with no control over tokens from money transmitter licensure and registration. He also introduced the Security Clarity Act in July, which aims to reduce regulatory requirements for blockchain-based technologies, and the Safe Harbor For Taxpayers With Forked Assets Act in May.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
