Republicans in the U.S. House of Representatives have published a bill to regulate the digital asset industry, which requires SEC And CFTC develop appropriate rules.
The 200-page document has been dubbed the 21st Century Financial Innovation and Technology Act. It obliges regulators to define the concepts of “blockchain” and “digital asset”.
At the same time, departments are prohibited from establishing rules on the form in which citizens can own cryptocurrencies.
According to the proposal, blockchain projects will be temporarily exempted from traditional registration for distribution of securities. Digital asset issuing companies will be able to offer tokens worth up to $75 million for 12 months, but with restrictions on sale to non-accredited investors.
Issuers are still required to file information with the SEC, including annual and semi-annual returns. The rule will remain in effect until the regulatory authorities certify the project as decentralized and transfer its token to the category of a commodity.
Companies will not be able to sell more than 10% of the total asset supply to a single buyer. The bill also contains language prohibiting the mixing of client and corporate funds.
“This is a key moment for the US as a world leader in innovation and technology adoption. Digital assets will be able to revolutionize our financial system, and the underlying blockchain technology promises to be the basis for the next generation of the Internet,” said House Chairman Patrick McHenry.
Legislators will vote on the document next week.
Recall that in July, senators proposed a bill that obliges DeFi protocols to comply AML-rules.
In June, US Treasury Secretary Janet Yellen urged Congress to pass a cryptocurrency law as soon as possible.
Earlier, analysts at Moody’s said that without a bipartisan approach to regulating cryptocurrencies, the United States would become “less attractive to both firms and investors.”
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