The regulators are discussing a bill to determine the legal status of cryptocurrencies.
In the United States, two bills were brought up for discussion at once, if adopted, the American crypto industry will undergo a transformation. One of the proposals concerns the transfer to regulators of the right to control digital asset exchanges, the second contains new norms for identifying the legal status of cryptocurrencies.
The author of the bill is Member of the US House of Representatives Mike Conaway. If it passes, control over crypto trading platforms will be transferred to the federal level. He believes that digital asset exchanges can be regulated on a par with contract markets. In this case, the crypto exchanges will be transferred under the control of the US Commodity Futures Trading Commission (CFTC).
The changes will also affect the classification of trading platforms focused on working with digital assets. If the bill is passed, the exchanges will lose their status as a service provider. Other initiatives by Mike Conaway, which he presented in the bill, include the following:
- The exchanges will be offered a choice of regulatory policy: to be regulated within the state, or as part of a federal legal system.
- Trading platforms will have to restrict listing. According to the author of the bill, it should contain only assets that are difficult to manipulate.
- The exchanges will be able to obtain the status of “qualified custodian of digital assets”.
For the last point, according to the bill, a minimum set of requirements will be formed.
The second bill was sponsored by another member of the US House of Representatives, Tom Emmer. The document regulates new rules for the identification of securities. The author proposed an option for differentiating investment contracts with digital assets. If adopted, the US crypto industry will receive a tool on the basis of which market participants will be able to determine the legal status of assets.
The media suggested that if such a law had been adopted earlier, the crypto community would have been able to avoid any conflicts, including the situation with Telegram tokens.
Recall that the bills were preceded by the official permission of US banks to provide storage services for digital assets. Also recently, American financial institutions were given the opportunity to act as custodians of reserves of stablecoin issuers.