Senator Cynthia Lummis’ long-awaited bill was leaked on Twitter, though the veracity of the bill, which goes before the U.S. Congress today, has yet to be confirmed.
***
- Alleged law under embargo leaked on Twitter
- Exchanges and DAOs must be registered entities in the U.S.
- A self-regulatory institution would be created
- Oversight of the crypto ecosystem would be greater
- Today the senator will present the bill before the U.S. Congress.
Long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. awaited has been U.S. Senator Cynthia Lummis’ bill that addresses cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. regulation comprehensively and seeks to introduce cryptocurrencies into the U.S. financial system, as told on several occasions.
Today is the day in which the senator will present her legal proposal before Congress, however, some media, with impatience, went ahead of the official information and disseminated an embargoed copy of it. It is worth noting that the same copy is also on the web Scribd y can be downloaded here.
In addition, since last night a set of documents with watermark EMBARGOED began to circulate on social networks. When the user of Twitter ‘bot_slam’ tweeted the images, people in the cryptocommunity gradually began to discuss about the legal proposal.
Here’s the tweet that started the whole brouhaha:
here you go
(plz RT) pic.twitter.com/UOVhIUiUBu
– slam (@bot_slam) June 7, 2022
Media such as Watcher Guru they ask:” ¿Qué se filtró? ¿Una ley de la CFTC en discusión? ¿Un memorando de la SEC? ¿Una presentación de empresa prematura? Bueno, parece que no. Aparentemente, se ha filtrado el proyecto de ley cripto de EE. UU. de más de 600 páginas. Sí, lo leíste bien, el Proyecto de Ley de Criptomonedas de EE. UU”.
Before continuing to present what the document says, it is important to make it clear that what has been released is a leak (perhaps a draft and not the final version of it) and it will be today, when the bill is presented to Congress, that we will know the exact content of the document and if it coincides 100% with what has been leaked.
Project today to Congress
As we said, Senators Cynthia Lummis and Kirsten Gillibrandpresentarán hoy el proyecto de ley sobre criptorregulaciones al Senado de los EE. UU. This would be the first bill of its kind aimed at fully incorporating digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets into the U.S. financial system. As stated, it is designed to clarify cryptocurrency regulations while providing the most reliable and acceptable classification of digital assets available globally.
The bill suggests the creation of a self-regulatory institution to be in charge of cryptocurrencies and other digital assets. The draft bill also indicates that it willbusca convertir a la Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC) in the cryptomarket regulator . However, this plan could come into conflict between the commission and the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC).
More about the project
According to some informants, as such, the crypto bill provides regulatory clarity and dispels the doubts that currently persist. However, some issues raised are also of concern to the crypto community.
One of these issues is that the exchanges, the Decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. Autonomous Organizations (DAOs) and stable currency currency is a medium of exchange that defines value. providers would have to become registered entities. If they are not registered in the United States, they would supposedly be subject to taxation.
The bill also outlines separate provisions with respect to the exchanges crypto. It is proposed to increase compliance costs. Investors might have to indirectly bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” the burden of the same, as exchanges would try to recover the same through higher fees.
In addition, the concept of bankruptcy was also changed. . According to the bill, deposited assets would be returned to users and would not be liquidated. This clear proposal could end up being beneficial to all users if passed. The fee clearing rules mean that exchanges would have to pay the government fees, and the same would likely increase costs.
The bill also has a separate section that talks about the terms of service in relation to the version of the source code. Accordingly, any updates to the source code the action of coding is to write programming statements for a program. would require a new agreement.
In addition, a number of other regulators have been given intersectional powers to investigate and advise on regulations in new areas. The proposal also grants depository institutions the right to issue stable currencies . In addition, the bill also clearly outlines other compliance requirements and penalties.
The bill also seeks to unify some money transmittal laws across states . In addition, the information sharing landscape is set to become even more fluid between agencies.
Likewise, many crypto assets would be regulated regulation is when something is controlled by a specific set of rules. by the CFTC as commodities. Any platform a place to buy, sell and store cryptocurrency designed to facilitate the conversion of assets will be regulated as a cryptocurrency exchange.
In this regard, the status of the protocols promoted by Automated Market an area or arena, online or offline, in which commercial dealings are conducted. Marker, AMM The DeFi, non-custodial usually referring to the storage of keys, in relation to wallets or exchanges, a non-custodial setup is one in which private keys are held by the user directly. exchanges and other DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. protocols remain unclear. However, it will be much harder for them to remain anonymous.
The overall level of regulatory scrutiny increases, This will, on the one hand, increase compliance costs, but will also put an end to insider trading and price gouging.
The proposed regulation increases the power of regulators to monitor and regulate the activity of market participants in terms of requirements and sanctions.
Summary of key points
This is a technical summary of what appear to be the key points of the project:
- Requires DAOs to be U.S. registered entities. If not registered in the U.S., the country considers it taxable.
- Requires all exchanges and stable coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. providers to be registered entities.
- It puts a lot of crypto assets as commodities under the supervision of the CFTC. If there is any debt, equity, earnings income, dividends of any kind, then now it is expressly not a digital asset commodity.
- Exchange supervision is increased. Huge increase in compliance costs (so fees would increase).
- The changes to the definition of bankruptcy favor users by making it clear that deposited assets will be returned to users and not liquidated.
- Any updates to the source code require a new agreement.
- It grants depository institutions the right to issue stable currencies.
- It would seek to unify some money transmission laws across states. However, it would also expand information sharing among both state and federal agencies.
Reactions
Most people in Twitter described that with this legislation the crypto landscape would end up becoming even tighter in the future.
Al respecto, Billy Markus, cocreador de Dogecoin, tuiteó:
Looks like the new leaked US crypto bill goes hard on shitty tokens, DAO, DeFi, stable coins and exchanges
looks like the new US crypto bill that has been leaked goes hard after shit tokens, DAOs, DeFi, stablecoins, and exchanges pic.twitter.com/wjcAUSi3RS
– Shibetoshi Nakamoto (@BillyM2k) June 7, 2022
Adam Cochran de Cinneamhain Ventures also tweeted about the leaked draft articles:
Wow, first read some good things that move us forward, but a lot of hard things.
Overall, this gives crypto clarity to the US, but it will come at a huge cost and growing pains.
This is what I noticed on the first reading.
1/12
Wow, so first read some good stuff that moves us forward, but a lot of rough stuff.
Overall this gives US crypto clarity but it will have a huge cost and growing pains.
Here’s what I noticed in the first read. https://t.co/Cb1TM0DVJs
– Adam Cochran (adamscochran.eth) (@adamscochran) June 7, 2022
He added that he believes there are good intentions with the bill. He argues as a positive that it makes it clear that crypto is allowed in the U.S. However, he thinks that “intends to regulate it as strictly (or even more) than banks and existing financial service providers.”
He adds that “if so, and if it happened this way, it’s a good *LONG* term for large entities, very painful short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. term for 99% of cryptocurrencies.”
Fuentes: Twitter, Watcher Guru, Cryptoslate , UToday, archivo
Version of DiarioBitcoin
Imagen de Unsplash
