The main republicans of the House of Representatives officially presented their latest version of the bill to establish a regulatory structure for the digital asset markets, which industry has claimed for years.
The successor to innovation and financial technology of the previous session for the 21st century law (Fit21), the new bill called Digital Asset Market Clarity Act is pushed by the main Republicans of the Financial Services Chamber and the Chamber Agriculture Committees. The legislation on stablescoin is always the precursor to be the first major element of the law of American cryptography, but the introduction of Thursday advances the ball on the most important and the most complex of the two companions efforts.
“America should be the world leader in the digital asset market, but we cannot do so without establishing a clear regulatory framework,” said representative Dusty Johnson, the Southern Dakota Republican who directs the agricultural sub-comity focused on digital assets, in a press release on the introduction of the bill.
The heavy act of clarity of 236 pages – probably a starting point for long negotiations between the parties to the Chamber and, possibly, their counterparts in the Senate – gives the Combo Futures Trading Commission “Exclusive regulatory competence on the digital archives of goods or spactive markets on or with the new entities registered CFTC”, which represents the activity of Crypto according to the current reflection of American reflection.
The legislation would set up a regime in which cryptographic platforms would have registration options with the CFTC and the Securities and Exchange Commission, depending on whether they exchange basic products of digital assets such as Bitcoin
titles or both. Those who seek registration with the CFTC as exchange of digital products, broker or dealer could obtain provisional registrations while the agency works on the rules.
The bill also requires that cryptographic platforms be regulated as financial companies under the Bank Secrecy Act; Exempt certain decentralized financing operations (DEFI) and portfolio suppliers for the monitoring of the dry; Prohibit the future efforts of regulators to force childcare companies to hold their customers’ assets on their own assessments, because the SEC staff sought to do under an accounting position now precipitated; And puts certain transactional authorities on the payment stages – which are clearly indicated are not titles – in the hands of the regulator already supervises the company involved in the activity.
The Clarity Act also explored the “qualified digital asset guards” – previously a controversial point when the SEC sought to allow a narrow range of regulated guards to manage the assets of the customers of the placement advisers. The new bill establishes the standard for a goalkeeper such as that under “adequate supervision and regulations appropriate by certain federal, state or foreign authorities” – a bar that the CFTC will be called upon to define.
DEFI is launched on the road, the bill requiring the study of the SEC, the CFTC and the Treasury Department that the arena of digital assets and returns with a report in a year on the way of proceeding. The government of the government is also invited to write a report on DEFI and on non -buttocks (NFTS).
The regulators involved would have one year to put into force the rules of the Clarity Act market structure if the law was promulgated. This is a tight delay for complex financial regulations, which can often take more than a year – or even several years – so that the agency staff write rules and sought the public. Despite similar deadlines in the 2010 Dodd-Frank Act, for example, there are still some provisions that have not yet been completed.
The Senate will return to a debate on the floor next week on its stable bill, which has already eliminated several procedural obstacles with bipartisan support, despite strong democratic converges on the personal trade ties of President Donald Trump with the cryptographic sector that his government seeks to regulate. But it is difficult to know if this legislation will start with any version of the supervision of the stable in the chamber which ultimately votes, leaving uncertainty about the way in which the legislation of the cryptography will take place during this session.
Certain discussions remain on the question of whether the bills of the structure of the stables and the structure of the market should be combined in a single crypto push to the congress. Trump called for both landing on his desk by the August congress break, although many Washington cryptographic initiates see this as a very ambitious objective.
The relevant chamber committees should hold digital asset hearings next week which will allow members to discuss publicly the details of the legislation.
Read more: the rules of the market structure for the crypto could eventually govern the nucleus of American finance: the
