In 2021, The U.S. Congress Proposed 18 Digital Asset Bills
In 2021, the US Congress has proposed 18 bills to regulate decentralized digital assets and other cryptocurrencies.
According to an analysis by former Federal Deposit Insurance Corporation (FDIC) regulator Jason Brett, which he published on August 22, Congress is focusing on regulating decentralized assets rather than private stablecoins.
In July, Congress proposed a draft Digital Asset Market Structure and Investor Protection bill, seeking to create clear legislative definitions for digital assets and digital asset securities, respectively.
According to the project, the Securities and Exchange Commission (SEC) will be responsible for securities with digital assets. And the Commodity Futures Trading Commission (CFTC) will have to regulate digital assets. So far, this bill has not yet passed through Congress.
Brett argues that the Removing Barriers to Innovation Act has made the most progress since its introduction in March. This law aims to create a joint working group to facilitate cooperation between the SEC and CFTC in regulating the blockchain and crypto sector.
The bill has already been approved by Congress and the House of Representatives and is currently awaiting Senate consideration.
However, not all the digital asset bills in Congress have been supported by the industry. For example, the Infrastructure bill was amended in July, including a broad definition of digital asset “brokers” that threatens to impose strict counterparty reporting requirements for network validators and software developers.
Cointelegraph’s general counsel, Zachary Kelman, called the vague language in the infrastructure bill a political trivia game in which lawmakers seek to raise taxes without resorting to specific collection details.
At this stage, the bill must be considered by the House of Representatives.
Congressman Tom Emmer has proposed three bills this year related to digital assets. One of his proposals was a blockchain regulatory certainty bill that would provide a safe haven from licensing and registering money transmitters for blockchain service providers who do not control tokens.
He also proposed bills on security clarity and a safe haven for taxpayers with split assets. The first is aimed at reducing the regulatory burden for blockchain-based technology.