#DigitalAssetBill European Union – Markets in Crypto-Assets (MiCA) Regulation:
Overview: MiCA, passed by the European Parliament in April 2023 and effective from December 2024, is the EU’s comprehensive framework for regulating crypto-assets not covered by existing financial laws (e.g., securities regulations). It’s not called a "Digital Asset Bill" but is the closest equivalent in scope.
Key Provisions:
Regulates crypto-asset service providers (CASPs), requiring licensing, AML/KYC compliance, and consumer protection measures.
Covers stablecoins, utility tokens, and other crypto-assets, with strict rules for issuers (e.g., whitepaper disclosures).
Aims to ensure market integrity, combat fraud, and address price volatility.
Impact: MiCA provides a standardized regulatory framework across EU member states, fostering innovation while protecting investors. It’s seen as a model for global digital asset regulation, potentially influencing other jurisdictions.
United States – Proposed and Existing Frameworks:
No Single "Digital Asset Bill": The U.S. lacks a unified federal law titled "Digital Asset Bill," but several proposed bills and existing regulations address digital assets.
Key Proposals:
Financial Innovation and Technology for the 21st Century Act (FIT21): A bipartisan bill introduced in 2023, aiming to clarify regulatory roles between the SEC (securities) and CFTC (commodities) for crypto-assets. It defines digital assets and establishes consumer protections but hasn’t been passed as of 2025.
Digital Asset Anti-Money Laundering Act (2022): Proposed by Senators Elizabeth Warren and others, it seeks to extend AML rules to crypto exchanges and wallet providers but remains under discussion.
Current Regulations:
The SEC classifies certain tokens (e.g., ICOs) as securities under the Howey Test, subjecting them to securities laws.
The CFTC regulates crypto derivatives and certain tokens as commodities.
The Infrastructure Investment and Jobs Act (2021) mandates tax reporting for crypto transactions.
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