New Crypto Asset Rules Have Been Proposed by House Republicans in The United States

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The proposed bill seeks to meet the demands of the industry by enabling regulated crypto firms to trade digital securities, commodities, and stablecoins on a unified platform

Republican chairs of key committees in the U.S. House of Representatives have introduced draft legislation to establish oversight for the digital assets sector.The proposed bill outlines a pathway for cryptocurrency exchanges to register with the U.S. Securities and Exchange Commission (SEC). Its primary objective is to meet industry demands by allowing regulated crypto firms to trade digital securities, commodities, and stablecoins on a unified platform.

While Democratic support for the draft bill is yet to be obtained, it recognizes the SEC’s authority in determining the jurisdiction of assets. The legislation also proposes that existing crypto assets would be exempt from enforcement actions while regulators work towards formulating new rules and regulations.

The proposed legislation not only tackles the distinction between commodities and securities but also introduces a novel concept of a digital commodity exchange that would operate under the regulation of the U.S. Commodity Futures Trading Commission (CFTC).

This innovative framework aims to establish a new category of registered businesses that would facilitate the trading of certified crypto commodities while upholding the regulatory protections and safeguards against market manipulation set by the CFTC.

Also Read This Related: US House Passes Debt Ceiling Bill in Efforts to Avert Default

The bill signifies the ongoing efforts to modernize oversight in the crypto industry and foster bipartisan dialogue between Republicans and Democrats, aiming to reach common ground and shape comprehensive regulations within the sector.

However, the future of the bill in the Senate, particularly in consideration of the stance of Senator Sherrod Brown, the chairman of the Senate Banking Committee, remains uncertain.

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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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