The US House of Representatives is preparing to vote on a major cryptocurrency bill aimed at clarifying how digital assets are regulated.
The bipartisan Financial Innovation and Technology for the 21st Century Act would require the Commodity Futures Trading Commission (CFTC) to regulate crypto assets as commodities if the blockchain on which they run is sufficiently decentralized. It will give you authority.
The bill states that a decentralized blockchain cannot be unilaterally controlled by one person. The potential law also stipulates that no issuer or associated person can control more than 20% of the digital assets or voting power of a decentralized chain.
Digital assets related to non-decentralized blockchains will be regulated as securities by the Securities and Exchange Commission (SEC).
The bill, backed by eight Republicans and three Democrats, is widely expected to be voted on this week.
Cryptocurrency lobbying group the Blockchain Association has voiced support for the potential bill, and a16z Crypto, the digital asset investment arm of venture capital giant Andreessen Horowitz, said the bill would “impact blockchain projects.” “This will give us a safe and effective path to ramp up.” US.
Politico journalist Eleanor Mueller reports that House Democratic leaders do not intend to oppose the bill, but have expressed opposition to its passage.
In an email to Democratic House members, party leaders argued that the bill “undermines decades of precedent and case law, thereby creating uncertainty in traditional securities markets.” .
“The bill also provides a safe harbor for companies to file an “intent to register'' if they meet certain requirements, effectively shielding them from SEC rules and regulations until the SEC and CFTC finalize their rules. protected. This weakens investor protection and opens the door to fraud and market manipulation. ”
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