The most recent crypto bill, which was proposed by Don Beyer would essentially let the treasury veto stablecoin creation. What’s more, it may also allow direct regulators to define the rules needed for DeFi, better known as decentralized finance. It could also lead to the creation of charters to help cryptocurrency exchanges.
The digital asset market structure and infrastructure act contain 58 pages. Its main intention is to form much-needed regulations that would help digital assets. This would happen by defining the different types of cryptocurrencies that could be securities. These cryptocurrencies will then become commodities and may even increase tax data collection for the purposes of reporting.
With all that said, this bill addresses a massive industry-wide desire to receive clarity regarding the regulations. Where several bills tried to address issues like these and failed, this specific one details several problems in a single swoop. It would not come off as a surprise that there was a lot of research involved in the making of this cryptocurrency bill. While there is no clarity regarding the kind of support the bill contains, or the probable timelines industry experts could expect, it contains a great deal of depth.
In addition, this bill also seems to give authorization to the United States central bank, the federal reserve for creating a digital currency-based central bank. This is most likely due to a response to Fed officials claiming that they were not sure about their authority to follow the same steps in the present mandate. It is also worth keeping in mind that this bill by Bayer is the 2nd proposal regarding cryptocurrencies proposed during this week.
A few days ago, various lawmakers conducted three separate hearings, where things topics like digital asset spaces were discussed in some detail. A large number of the officials made their skepticism clear regarding the various facets or industry. They also talked about concerns regarding consumer protection.
The Senate has an infrastructure bill (bipartisan) that presently contains a provision, where it is mentioned that its intention is to raise close to 30 Billion Dollars. The plan is to enforce broader information, such as cryptocurrency requirements in the United States. With that said, plans like this specific focus on the infrastructure bill. In contrast, Beyer claimed that crypto is the top priority and requires a massive committee or a co-sponsor that follows the market jurisdictions.
Sure, a large portion of the bill repeats itself in various sections, but it addresses various loopholes, which was absolutely necessary down the line.