#DigitalAssetBill

The regulation of digital assets has become a focal point for legislators worldwide, leading to the introduction of several bills aimed at providing clarity and oversight in this evolving sector. Here's an overview of some significant legislative efforts:

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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 with bipartisan support, the FIT21 Act seeks to establish a comprehensive regulatory framework for digital assets. Key provisions include:

Regulatory Oversight: Assigns the Commodity Futures Trading Commission (CFTC) authority over digital commodities and the Securities and Exchange Commission (SEC) over digital asset securities.

Asset Classification: Introduces categories such as "restricted digital assets," "digital commodities," and "permitted payment stablecoins," each with specific regulatory guidelines.

Self-Certification Process: Allows issuers to self-certify their digital assets as commodities, subject to SEC review.

Joint Advisory Committee: Establishes a committee comprising members from both the CFTC and SEC to provide guidance on digital asset regulations.

Despite opposition from SEC Chair Gary Gensler and the Biden administration, the bill represents a significant step toward regulatory clarity for digital assets in the U.S.

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🇬🇧 United Kingdom: Property (Digital Assets etc.) Bill

Introduced to address the legal status of digital assets, this bill proposes:

Legal Recognition: Classifies certain digital assets, such as crypto tokens, as personal property, even if they don't fit into traditional categories.

Estate Planning Implications: Facilitates the inclusion of digital assets in wills and estate planning, ensuring they are treated similarly to tangible assets.

This legislation aims to provide certainty and protection for individuals and businesses dealing with digital assets in the UK.