We all know that the United States (US) is working on its crypto bill that’ll set out the path for the tech in the country. Recently, a Twitter account uploaded some images, which are actually the 600-page document about the regulation of crypto.
Twitter user ‘bot slam’ shared images of the bill on his/her account. With this upcoming bill, DAOs, exchanges, and stablecoin suppliers need to register themselves as businesses in order to pay taxes.
Also, the Commodity Futures Trading Commission has classified many assets as commodities. Moreover, they’ve also clarified many security regulations. Out of all of them, the one that caught eye of the most was that an underlying asset cannot act as a digital asset commodity if there is any debt, equity, profit revenue, or dividend.
Besides all this, the laws governing transparency have undergone some revamp. Because of this, anonymous initiatives will have a very hard time thriving under this law.
The bill has separate restrictions for crypto exchanges. Crypto exchanges would need to pay more in the form of compliance expenses. Unfortunately, most, if not all crypto exchanges will push that towards the investors in the form of higher fees.
There are changes for bankruptcy definitions too. According to the document, if any company declares bankruptcy, that company has to restore the deposited assets to the users instead of liquidating.
In addition to this, the document has provided some regulators with broad powers to investigate and advise on new legislation. In fact, depository institutions can produce stablecoins after permission.