🚨 The US reveals the legal framework bill for Crypto
A group of House representatives has officially announced the Draft Digital Asset Legal Framework Act with several highlights:
1️⃣ Transparency of project information: Digital asset developers will be required to fully disclose important information about the project
2️⃣ Expanding fundraising channels: Allowing projects to raise funds under securities law (SEC), while also registering activities with the CFTC if appropriate for identification as commodities.
3️⃣ Clear delineation of power between SEC and CFTC: Addressing the long-standing issues of overlap and legal ambiguity.
This is seen as a significant expansion and upgrade from FIT21, which was previously stalled under the Biden administration. If passed, the bill will be an important legal foundation for the Crypto market to thrive in the US.
