Lawmakers on the US House Financial Services Committee and the House Agriculture Committee have released a discussion draft that provides a way for certain crypto assets to be tokenized as digital commodities.
According to a discussion draft published on June 2, lawmakers propose “creating a functional framework” aimed at providing regulatory transparency to US-based crypto companies. The draft bill would prohibit the US Securities and Exchange Commission (SEC) from refusing to register digital assets trading platforms as regulated alternative trading systems, and would allow such companies to offer “stablecoins for digital goods and payments.” Specifically, the proposed legislation is a blow to criticism by many in the cryptocurrency space that the SEC has taken an approach that does not provide clear rules of the road. The framework under the bill would allow certain digital assets to qualify as digital goods if they "have functionality and are considered decentralized," and would require the SEC to provide "Detailed analysis".
“The bill also requires the SEC to amend its rules to allow broker-dealers to custody digital assets provided they meet certain requirements,” the draft states. “Additionally, the bill would require the SEC to develop rules to modernize certain regulations for digital assets "Coinbase's Chief Legal Officer, Paul Grewal, Praised The DRAFT BILL, saying It" Sets A Solid Foundation for Regulatory Jurism and DEFINITINITININITION, "But That it will require in-designy " exchange recently launched a pro-adoption ad campaign ahead of a lobbying-focused event scheduled for July in Washington, DC
The legislation introduced by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson -- both Republicans -- lacks input from lawmakers on the other side of the political aisle. Democrats and Republicans have at times shown a willingness to take a bipartisan approach to regulating cryptocurrencies, but it's unclear how much progress the proposed legislation can make in a divided Congress.
As of press time, members of the US House of Representatives and Senate have passed legislation aimed at preventing the government from defaulting by raising the debt ceiling. President Joe Biden is expected to sign the bill into law on June 2.
