Important bill (HR 4763/ FIT21) on crypto regulation US

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Quote from: safar1980 on June 04, 2024, 02:13:12 AM

Biden vetoes bill overturning SAB 121
U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin, SAB 121, establishing accounting standards for firms that custody crypto.
“Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation,” the president said in a letter to the U.S. House.
The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets.

U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin establishing accounting standards for firms that custody crypto.

"My Administration will not support measures that jeopardize the well-being of consumers and investors," said President Biden in a letter addressed to the U.S. House of Representatives posted on the White House website. "Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation."

An election is coming up and the decision and the right one. When the election is over, the new president will no longer be so active in preventing the "necessary " laws.

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Biden vetoes bill overturning SAB 121
U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin, SAB 121, establishing accounting standards for firms that custody crypto.
“Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation,” the president said in a letter to the U.S. House.
The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets.

U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin establishing accounting standards for firms that custody crypto.

"My Administration will not support measures that jeopardize the well-being of consumers and investors," said President Biden in a letter addressed to the U.S. House of Representatives posted on the White House website. "Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation."

zasad@

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https://www.coindesk.com/policy/2024/05/29/us-lawmaker-at-center-of-crypto-negotiation-predicts-digital-assets-law-by-next-year/
"Patrick McHenry, the retiring chairman of the House Financial Services Committee, said he's confident that his crypto legacy will become permanent policy by 2025.
The so-called FIT21 crypto bill is now a "consensus product" of the House and can't be ignored, he said.
Rep. Patrick McHenry (R-N.C.) vowed the crypto industry won't have long to wait to get U.S. regulations, now that the U.S. House of Representatives has shown the way."

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Quote from: Poker Player on May 23, 2024, 10:26:36 PM

Quote from: zasad@ on May 21, 2024, 05:59:20 AM

The CFTC would regulate a digital asset as a commodity “if the blockchain, or digital ledger, on which it runs is functional and decentralized”.

The SEC would regulate a digital asset as a security “if its associated blockchain is functional but not decentralized”."

This fits with what I have always thought by analogy. A commodity such as gold can be mined but not created at will, whereas a security such as the debt issued by a company depends on a management team and can be issued more or less at will.

SEC always thinks otherwise. They tried to oppose this law, but there are still a lot of conflicts and controversies in the legislation, so major lawsuits, will continue. The uniswap case will be very interesting.

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Quote from: zasad@ on May 21, 2024, 05:59:20 AM

The CFTC would regulate a digital asset as a commodity “if the blockchain, or digital ledger, on which it runs is functional and decentralized”.

The SEC would regulate a digital asset as a security “if its associated blockchain is functional but not decentralized”."

This fits with what I have always thought by analogy. A commodity such as gold can be mined but not created at will, whereas a security such as the debt issued by a company depends on a management team and can be issued more or less at will.

zasad@

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https://a16zcrypto.substack.com/p/finally-a-bill-that-helps-our-industry

"The FIT21 bill/ HR 4763 establishes a regulatory framework for U.S. digital assets markets to:

…Address the unique structure of digital assets;

…Provide for clear, robust consumer protections;

…Clarify which digital assets are regulated by the Commodity Futures Trading Commission (CFTC) and which by the Securities and Exchange Commission (SEC). This is important because of the key differences between the definitions of “commodities” vs. “securities”, which have consequences for how they are regulated.

The CFTC would regulate a digital asset as a commodity “if the blockchain, or digital ledger, on which it runs is functional and decentralized”.

The SEC would regulate a digital asset as a security “if its associated blockchain is functional but not decentralized”."

Topic: Important bill (HR 4763/ FIT21) on crypto regulation US (Read 206 times)