Jason Brett, the former FDIC regulator, argues that U.S. lawmakers now focus on regulating cryptocurrency assets. As a result, they have drifted away from individual stable coins this year.
The U.S.Congress seems to push for higher regulatory clarity as regards cryptocurrency assets. Congress has proposed a total of 18 bills relating to cryptocurrency and blockchain this year.
The analysis published by Jason Brett on August 22 reveals that the present 117th Congress has left its predecessor.
Congress has ceased focusing on decentralized assets regulation instead of private stablecoins like Facebook’s Diem project (former Libra). Jason Brett is the former Federal Deposit Insurance Corporation regulator.
Congress has introduced an act on the Digital Asset Market Structure and Investor Protection in July. This Act will help in creating clear statutory definitions for digital assets securities and digital assets, respectively.
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Though the bill has not gone through Congress yet, the legislation as the jurisdiction of SEC is to mandate the digital asset securities.
Also, the CFTC will be given the authority to regulate digital assets. SEC is short for the Securities and Exchange Commission while means Commodity Futures Trading Commission.
The Brett Report On Cryptocurrency and Blockchain Sector
Brett report that the ‘Eliminate Barriers to Innovation Act’ has recorded a lot of progress since its introduction in March.
We can call the act as the Congress digital asset bills and aims at creating a collaboration for CFTC and SEC. The collaboration is to facilitate the regulation of the cryptocurrency and blockchain sectors.
The cryptocurrency market is hovering above the $2 trillion mark | Source: Crypto Total Market Cap on TradingView.com
The report also states that the legislation has passed the House of Representatives and Congress awaiting the Senate. However, the industry is yet to properly received all the Congress digital asset bills.
Zachary Kelman, general counsel of a crypto new outlet, tagged the vague language in the infrastructural bill as a “political shell game.” The lawmakers only focus on increasing taxes without considering the specifics of its collection.
The bill has been passed to the House of Representatives and may not be voted for until later this year.
Contributions Of Tom Emmer
Tom Emmer, the Congressman, established three bills this year, making him among the most functional in the cryptocurrency industry. Thomas Emmer is an American attorney, lobbyist, and politician. He has been the U.S. Representative for Minnesota’s 6th congressional district since January 2015.
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The Congressman’s proposal contains the Blockchain Regulatory Certainty Act. This Act will provide registration for blockchain service providers without token controls and a secured haven from money transmitter licensing.
Emmer also proposed a Security Clarity Act in July targeting to reduce regulatory burdens emanating from blockchain-based technology. In May, he also reintroduced a Safe Harbor for the people paying tax with Forked Assets Act.
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