ELIMINATE ANONYMOUS CRYPTO PROJECT BILL
A leaked copy of the United States cryptocurrency bill began circulating on Twitter earlier today. A 600-page copy of the leaked bill highlighted some of the key areas of concern for regulators including set-aside funds (DeFi), stablecoins, non-governmental organizations (DAOs) and crypto trading.
User protection seems to be the main focus of administrators, with policies aimed at requiring any crypto platform or service provider to be officially registered in the U.S., be it a DAO or DeFi protocol.
This could significantly reduce the chances of anonymous crypto projects developing in the U.S. Any unregistered crypto forum in the U.S. will be taxed. The definition of DeFi still seems vague.
The drafted draft of the bill also seeks to provide more clarity on securities laws as they relate to digital assets, a requirement that we have always insisted on in the crypto community and lawmakers alike. According to the definition of assets under the Commodity and Futures Trading Commission, if there is a liability, equity, interest income, or dividend of any kind, it clearly means that it is not a digital asset.
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A new draft bill proposes to increase transaction costs that could lead to an increase in exchange costs. Any protocol or platform that trades even one digital asset will be classified as a trade, which means that automated market makers will fall under the same category.
The bill also ensures that the trade cannot shut down users' funds in the event of a collapse. Trading should also set out terms of service that consumers will agree to before using their services.
The draft leaked bill proposes clear policies to bring the newborn crypto market under the law. Many experts believe that while the policies on the list appear to promote strict observance, it is important to note that only draft bills.
Dogecoin founder Billy Markus also commented on the leaked bill and suggested that new policies would be difficult for DeFi, DAOs and anonymous projects.