#DigitalAssetBill
Centralized: Regulated by the SEC as securities.
Excludes certain stablecoins from both CFTC and SEC regulation, except for anti-fraud provisions.
Mandates joint rulemaking by the CFTC and SEC to define terms and prevent duplicative regulations.
š”ļø Digital Asset Anti-Money Laundering Act of 2023 (S.2669)
Status: Introduced in the Senate on July 27, 2023; referred to the Committee on Banking, Housing, and Urban Affairs.
Aims to extend anti-money laundering (AML) and Know-Your-Customer (KYC) requirements to various participants in the digital asset ecosystem.
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Extends Bank Secrecy Act (BSA) responsibilities to digital asset wallet providers, miners, validators, and other network participants.
Directs the Financial Crimes Enforcement Network (FinCEN) to issue guidance on digital assets.
Requires U.S. persons with over $10,000 in digital assets in foreign accounts to report these holdings.
š Digital Asset Market Structure and Investor Protection Act (H.R. 5745)
Status: Introduced in the House on September 27, 2023; referred to multiple committees. As of January 17, 2024, it was referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Purpose: Proposes a comprehensive regulatory framework to enhance investor protection in the digital asset market.
Seeks to clarify the regulatory status of digital assets and provide oversight mechanisms to protect investors.
Details beyond the bill's introduction and referral are limited, indicating that it has not advanced significantly in the legislative process.
These legislative efforts reflect the U.S. government's ongoing attempts to provide regulatory clarity and protect investors in the rapidly evolving digital asset landscape. The progression of these bills will significantly influence the future of digital asset regulation in the United States.
