More Than 600 Pages Of Draft US Crypto Bill Have Been Leaked Online
On Tuesday, a leaked copy of a draft bill in the United States involving cryptocurrency surfaced online.
DeFi and DAOs are the focus of a new bill introduced in the US Crypto
Decentralized financing (DeFi), stablecoins, Decentralized Autonomous Organizations (DAOs), crypto exchanges, and the requirement that they be legally registered are among the primary areas of concern for regulators in the 600-page draft of the leaked bill with a “EMBARGOED” watermark over it.
The measure also includes separate restrictions for cryptocurrency exchanges. For example, it is requested that compliance expenses be increased. Investors may have to suffer the cost indirectly because exchanges will try to recoup the costs through higher fees.
The law also proposes that NFTs be recognized as a distinct asset class. Meanwhile, it aims to classify all cryptocurrencies, including Bitcoin, as “ancillary assets” unless they act like a security that a firm might issue to pool money and give dividends, liquidation rights, or a financial interest in the issuer.
Surprisingly, the bill does not prohibit non-custodial or self-hosted cryptocurrency wallets. Finally, due to the loss of Terra’s UST stablecoin last month, the measure requires stablecoins to have 100 percent backing.
The bill is far from finished at this time, and future revisions are still possible because it is still in draft form. Various players will be involved, as is customary with bills, in order to produce a final, all-encompassing bill.
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