U.S. Rep introduces bitcoin law, could it affect crypto industry? Top Lawyer Explains

8 Virginia, according to Bitcoinist yesterday.U.S. Rep. Don Beyer (D) introduced new legislation on bitcoin and cryptocurrencies in the U.S. Congress. The digital asset market Act and the Investor Protection Act will ensure that digital assets are integrated into traditional government financial structures.

The purpose of the legislation is to “protect” consumers, prevent money laundering and criminal activity, and promote innovation. Recognizes the potential of Bitcoin and cryptocurrency and wants to fill the gap that has long been ignored by Federal authorities in the Dec.

Delphi digital General Counsel Gabriel Shapiro highlights the key points, advantages, disadvantages and other aspects of the law. Among the good ones, the lawyer found the law correct with a decidedly clear understanding of the issue,”more than I can say about other blockchain legislation.”

The law will determine which tokens and cryptocurrencies are securities or commodities. As such, they may be regulated by the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

This will bring more clarity to the industry and help some crypto companies avoid lawsuits or sanctions by regulators. The law provides for an October 3-year period before each” desecuritization,” as Shapiro put it.

The bill would promote transparency through a mechanism to combine off-Grid transactions to be registered with the CFTC, clarify “actual delivery,” create a “fairly narrow” definition of organizations operating as virtual asset service providers. Shapiro added:

( … the bill allows the creation of “digital versions of Federal Reserve notes” in a distributed ledger, giving them legal tender status without any foreign regulatory requirements.

The law requires “large” agencies and regulators to create a joint report to understand the decentralized funding (Defi) sector. This could help future regulations, as lawmakers and policymakers better understand Defi

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