Better late than never! A new draft bill from U.S. lawmakers seeks to finally provide regulatory clarity for crypto firms. Is this the light at the end of the tunnel for US regulation?
“establishing a functional framework” aimed at providing regulatory clarity for crypto firms in the United States. The draft bill would prohibit the U.S. Securities and Exchange Commission from denying digital asset trading platforms from registering as a regulated alternative trading system and allow such firms to offer “digital commodities and payment stablecoins.
”criticized the SEC for taking by not offering clear rules of the road. The framework under the bill would allow certain digital assets to qualify as digital commodities if they were “functional and considered decentralized” and require the SEC to provide a “detailed analysis” of any objections to a classification of a firm as decentralized. “The Act also requires the SEC to modify its rules to allow broker-dealers to custody digital assets, if they meet certain requirements,” said the draft. “Additionally, the Act would require the SEC to write rules to modernize certain regulations for digital assets.”The draft legislation was unveiled today by House Financial Services Committee Chairman
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