New Legislation: On the Regulation of Crypto Assets in the USA
Date: 2024-05-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
At the end of May this year, the US House of Representatives intends to consider a bill called HR 4763 regarding the regulation of crypto assets. This move is intended to bring clarity and establish norms in the cryptocurrency industry.
FIT21: Key Aspects
Called Financial Innovation and Technologies for the 21st Century (FIT21), the bill aims to define what category digital assets fall into and introduce rules for their regulation. This is an important step to create structure in the fast-growing field of cryptocurrencies.
Role of the House of Representatives
The FIT21 bill was developed with the participation of the House of Representatives and the Committee on Agriculture, which oversees the US Commodity Futures Trading Commission (CFTC). The upcoming House vote is the first step toward approving the legislation.
Key Provisions
The bill determines that digital assets that are decentralized and functional fall under the category of goods and are regulated by the CFTC. If assets do not have these characteristics, they may be considered securities and regulated by the SEC.
User Protection and Industry Concerns
The bill also introduces new rules to protect users, including the separation of client funds and mandatory disclosure of information. However, some industry players have raised concerns about controversial concepts such as "decentralization" that could lead to increased SEC powers.
Looking to the Future
Representatives of the Andreessen Horowitz (A16z) venture capital fund believe that the bill, although not ideal, brings clarity and creates the basis for the further development of the cryptocurrency industry. Regulation helps create trust in innovation and ensures safety for all market participants.
Perspectives Statements
If the bill is approved by the House of Representatives, it will go to the Senate and, if approved, will be signed by the President. This process could lead to the creation of a new regulatory framework that will shape the future of cryptocurrencies in the United States.
