United States: Digital Asset Market Structure and Investor Protection Act (H.R. 5745)
Introduced in September 2023, H.R. 5745 seeks to provide a comprehensive regulatory framework for digital assets in the U.S. Key provisions include:
Defining Regulatory Authority: Clarifies the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets.
Classification of Digital Assets: Establishes criteria to determine whether a digital asset is a security or a commodity, based on factors like decentralization and the rights conferred to holders.
Investor Protections: Implements disclosure requirements and other safeguards to protect investors in the digital asset market.
The bill aims to bridge existing regulatory gaps and has garnered bipartisan attention, though it remains under consideration in Congress.
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🇬🇧 United Kingdom: Property (Digital Assets etc.) Bill
Introduced to Parliament on September 11, 2024, this bill seeks to recognize digital assets as personal property under English and Welsh law. By doing so, it aims to:
Legal Recognition: Afford digital assets the same legal protections as traditional personal property.
Facilitate Transactions: Provide clarity for the transfer, inheritance, and protection of digital assets.
This legislative move is part of the UK's broader strategy to position itself as a leader in the digital economy.
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🇺🇸 United States: Financial Innovation and Technology for the 21st Century Act (FIT21)
Passed by the U.S. House of Representatives in May 2024, the FIT21 Act aims to:
Establish Regulatory Clarity: Define the jurisdiction of the SEC and CFTC over various digital assets.
Promote Innovation: Encourage the development of digital asset technologies within a clear legal framework.
Protect Consumers: Implement measures to safeguard investors and maintain market integrity.