Republican members of the U.S. House of Representatives have introduced a bill to regulate the digital asset industry. The document defines the powers of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). In particular:
The SEC will be responsible for capital raising, token sales, and offerings of assets that have the characteristics of securities; the CFTC will oversee the trading of digital goods on exchanges, as well as the oversight of brokers and trading platforms. The cryptocurrency exchange rate to the dollar 💵
The bill also establishes disclosure requirements and describes the process for registering exchanges. Additionally, it proposes the creation of a transparent company registration system in the sphere of digital commodities.
Until the full launch of the licensing system, participants will be able to operate by submitting a preliminary notice of intent to register. Regulators will also require information on the types of assets, sources of funding, purposes of raising funds, and methods of storing users' assets.
The bill on the taxation of virtual assets: Hetmancev provided details
Republican Representative in the House Financial Services Committee French Hill stated:
"We have made significant progress in the 118th Congress, forming bipartisan and bicameral consensus on establishing an effective regulatory system for digital assets. The current discussion draft continues the work, providing the necessary legal certainty for the digital asset ecosystem, enhancing consumer protection, and strengthening the long-term stability of digital markets in the U.S."