US Senate Considers New Bill to Regulate Digital Assets

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The new American bill on cryptocurrencies proposes to equate platforms that trade at least one digital asset with cryptocurrency exchanges.

Started spreading on Twittera copy of the US bill on cryptocurrency. The document, according to the screenshots, is currently under consideration in the Senate and consists of six hundred pages. The draft contains a description of the areas of the crypto industry that are of greatest concern to regulators. Some of the most worrying factors regulators cite are decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAOs) and cryptocurrency exchanges.

Judging by the document, user protection byRegulators' view is to require any crypto platform or service provider to be legally registered in the US, be it a DAO or DeFi protocol. It is noteworthy that the definition of DeFi has not been fully formulated.

The authors of the new bill proposeincrease the costs of complying with exchange rules, which may lead to increased commissions. However, any protocol or platform that trades at least one digital asset must be classified as an exchange. This means that automated market makers will fall into the same category.

If the document is accepted, exchanges will not be able toliquidate user funds in the event of bankruptcy. They will also be required to issue terms of service that consumers will need to agree to before using the services.

Previously, US Senator Cynthia LummisLummis and Kirsten Gillibrand introduced a bill proposing to fully include digital assets in the US financial system.