A bill on digital assets in the United States
This week at United Statestwo senators have joined forces to make a law project on cryptocurrencies. They are Cynthia Lummis, Republican Senator from Wyoming and Kirsten Gillibrand, who represents New York State for the Democratic Party.
— Senator Cynthia Lummis (@SenLummis) June 10, 2022
This text aims to provide a clear regulatory framework around cryptocurrencies. Cynthia Lummis is aware of the opportunities brought by our ecosystem and intends reconciling innovation and consumer protection :
“The United States is the global financial leader, and to ensure that the next generation of Americans enjoy greater opportunities, it is essential to integrate digital assets into existing legislation and harness efficiency and transparency. of this asset class while addressing the risks. »
Thus, one of the central axes of this bill aims to define the roles of the different crypto-assets. This consists, for example, of analyzing the extent to which they offer voting rights or represent transferable securities. Various control points will then make it possible to establish regulations adapted on a case-by-case basis.
Cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), whose nature makes them similar to raw materialswould then see their regulation pass into the area of competence of the Commodity Futures Trading Commission (CFTC).
Note that the senator from Wyoming has a reputation for being particularly open to cryptocurrencies. Last February, she defended the idea that the US Federal Reserve (Fed) would have an interest in buying Bitcoin (BTC).
👉 To go further – Find our guide to buying Bitcoin (BTC)
The regulatory sandbox
This bill is thus oriented around various themes and one of them aims to make the United States a regulatory sandbox. Senators Lummis and Gillibrand hope federal and state regulators will be able to collaborate with entrepreneurs in the blockchain ecosystem.
The priority should be given to innovation and allow experimentation with new products in a supervised manner. At the same time, emphasis should be placed on consumer education.
An advisory committee must also be created in order to establish major guiding principles for this industry. This committee would bring together representatives of different stakeholders, both on the legal side and the crypto ecosystem.
On the other hand, the text asks the Government Accountability Office (GAO) to conduct an investigation regarding the integration of digital assets into retirement savings, such as 401(k) plans. The objective here is not to limit this possibilitybut to still map the risks, in order to guarantee informed investments.
This notion of consumer education applies more generally to platforms. These will be held to best support their customers in their approach to blockchain technologies.
The other areas covered
Stablecoins, too, loom large. This bill wants their impose 100% collateralisation as well as an obligation to disclose reservations. This should make it possible to guarantee the possibility of redemption at a one-to-one ratio.
At the same time, the text would facilitate the issuance of stablecoins for different financial institutions, provided they comply with the legal framework.
Of the tax breaks are also to be expected. We can cite income from staking and mining, which will not be counted in the tax calculation until they have been sold.
Finally, this bill orders several investigations, related to the activities of China and Russia, for the United States to establish cybersecurity standards. This particularly echoes the digital yuan, suspected of not respecting the privacy of its users.
The way is still long before arriving at a possible entry into force of the texts. Like any legal compromise, some points are beneficial and others more debatable, but they have the merit of guiding the country to a precise position.
Beyond excessively strict regulations, legal vagueness sometimes slow down innovation and can in fact discourage companies from taking action.
👉 Also in the news – Outgoing MP Pierre Person presents a report on the crypto ecosystem
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