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Details of the U.S. cryptocurrency bill are revealed

Details of the U.S. cryptocurrency bill are revealed

The bill authored by U.S. Senator Cynthia Lummis will cover a wide range of cryptocurrency products, from decentralized autonomous organizations (DAOs) to cryptocurrency exchanges and depositories.

According to published screenshots of the bill, the current version of the bill suggests:

  • oblige DAOs, stablecoin issuers, and cryptocurrency exchanges to register representative offices in the U.S.;
  • to amend the Securities Act and subject most of the crypto market to the supervision of the Commodity Futures Trading Commission (CFTC)
  • strengthen compliance requirements for cryptocurrency exchanges;
  • amend the law on bankruptcy so that customers of trading platforms can receive compensation;
  • oblige users to agree to the terms of use by reading the project code;
  • allow depositories to issue stablecoins.

However, if the published information is true, it still has to proceed through hearings among U.S. lawmakers. Users believe that at this stage, cryptocurrency market lobbyists can make significant changes to the bill.

Recall that Lummis' plans for legislative regulation of the cryptocurrency market first became known in late December 2021. The media then reported that the Republican senator from Wyoming intended to submit a "comprehensive" crypto bill. It remains unknown when it could be tentatively enacted into law.

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