The new American cryptocurrency bill proposes to equate platforms that trade at least one digital asset with cryptocurrency exchanges.
A copy of the U.S. Cryptocurrency Bill has begun circulating on Twitter. The document, according to the screenshots, is currently under consideration in the Senate and consists of six hundred pages. The draft contains a description of the areas of the crypto industry that are of the greatest concern to regulators. Regulators cite decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAO) and cryptocurrency exchanges as some of the most worrying factors.
Judging by the document, the protection of users in the opinion of regulators is to oblige any crypto platform or service provider to undergo legal registration in the United States, whether it be a DAO protocol or DeFi. Notably, the definition of DeFi has not been fully formulated.
The authors of the new bill propose to increase the costs of compliance with the rules of the exchange, which may lead to an increase in commissions. However, any protocol or platform that trades at least one digital asset must be classified as an exchange. This means that automated market makers will fall into the same category.
If the document is accepted, exchanges will not be able to liquidate user funds in the event of bankruptcy. They will also be required to publish terms of service that consumers will need to agree to before using the services.
Earlier, US Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill to fully include digital assets in the US financial system.
