A bill filed in the United States seeks to regulate certain cryptocurrencies by classifying them as digital commodities rather than securities. This would challenge the power of the SEC and allow for better management of digital assets. The proposal is welcomed by the cryptocurrency industry, which hopes for regulatory clarification for investors.
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Are cryptocurrencies finally well regulated in the United States?
A bill was introduced on June 2 by lawmakers in the U.S. House of Representatives to allow certain cryptocurrencies to be classified as digital commodities.
Among the main lines of the project, the prohibition for the Securities and Exchange Commission (SEC) led by Gary Gensler to refuse cryptocurrency exchange platforms to register as an “alternative exchange system”.
A project that clearly shakes up the SECwhich recently proved its inability to categorize cryptocurrencies clearly as it continues to go after crypto companies like Kraken, which was fined $30 million over its offering staking, or even the giant Coinbase, which decided to attack it head-on in return.
More specifically, the project tabled by the legislators would make it possible to define in a clear and predefined manner which cryptocurrencies could be considered decentralized enough to be classified as digital commodities and not as securities.
In fact, the crypto concerned would thus become dependent regulatory speaking from the Commodities Futures and Trading Commission (CFTC) and no longer from the SEC. In addition, the SEC will have to provide a detailed analysis before claiming the slightest objection concerning the classification of this or that cryptocurrency.
“The law also requires the SEC to change its rules to allow brokers to hold digital assets, if they meet certain conditions. Additionally, the law would require the SEC to write rules to modernize certain digital asset regulations. »
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Welcome legislation for exchanges
The lawmakers’ initiative was welcomed by Paul Grewal, Coinbase’s chief legal officer., on Twitter. As we said, Coinbase is at the heart of the tensions in the crypto ecosystem in the United States, partly due to its standoff with the SEC.
Today’s market regulation bill from @PatrickMcHenry and @CongressmanGT lays a strong foundation for regulatory jurisdiction and definitions, BD rules, and consumer protections. I’m eager to share more on this next Tuesday before the @houseaggop. 1/3 https://t.co/g9qceFwmcS
— paulgrewal.eth (@iampaulgrewal) June 2, 2023
As he clarifies in his tweet, the project will still need some modifications and clarifications, but it should allow ultimately to close this endless debate between “securities” and “commodities” :
“A comprehensive bill of this magnitude deserves a thorough review, which we will be carrying out over the next few days, but what we are seeing so far is encouraging. I am particularly encouraged by the attention the authors give to the discussion of what constitutes a title versus a commodity. Hopefully these definitions can settle this long debate once and for all. »<
Note that if he were to be adopted, this bill would provide more favorable ground for adoption by American investors, regulatory clarity being the key word in this regard. In the same vein, it is also a good thing that the management of certain assets is no longer attributed to the SEC, which has proven its inability to provide a clear regulatory framework.
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Source: CNBC
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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