US senators draft a cryptocurrency bill

• It is proposed to shift the powers to regulate crypto projects to the CFTC.
• They want to introduce a new term“ancillary assets”, which refers to many popular cryptocurrencies.
• The bill proposes to require all stablecoin issuers to exchange stable tokens for an equivalent amount of dollars.
• Transactions under $200 will not be taxed.

On Tuesday, June 7, U.S. Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill called the Responsible Financial Innovation Act.

According to published screenshots of the bill,The document will cover a wide range of cryptocurrency products: from decentralized autonomous organizations (DAOs) to cryptocurrency exchanges and depositories. As users noted, the current version of the bill proposes:

• oblige DAOs, stablecoin issuers and crypto exchanges to register representative offices in the United States;
• amend the securities law and bring most of the crypto market under the supervision of the Commodity Futures Trading Commission (CFTC);
• strengthen compliance requirements for crypto exchanges;
• to amend the bankruptcy law so that clients of trading platforms can receive compensation;
• oblige users to agree to the terms of use through familiarization with the project code;
• allow custodians to issue stablecoins.

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One of the key points of the document is the Commission onThe US Securities and Exchange Commission (SEC) will lose its powers to regulate the crypto sector. Senators propose to transfer regulation of the crypto industry to the Commodity Futures Trading Commission (CFTC).

“The bill gives the CFTC exclusive authority to regulate non-securities fungible digital assets, including ancillary assets.”, says the short version of the document.

The term “supporting assets” will be added toSecurities Exchange Act of 1934. Ancillary assets are assets that are not fully decentralized, but at the same time do not create rights to profits or financial interests of the business entity. The senators include popular blockchain projects such as Cardano and Solana, as well as the top 200 cryptocurrencies in the CoinMarketCap ranking.

The explanatory note states that thisthe term is needed in order to bring cryptocurrencies out of the "Howey test", which defines securities. According to people close to the drafting of the bill, cryptocurrencies, in accordance with the Howey test, are not securities.

The bill also proposes a new approach toregulation of stablecoins - it obliges issuers of stable tokens to exchange stablecoins for an equivalent amount in dollars at any time. This will allow banks and others to issue and use stablecoins for payments while competing with each other.

The bill also touches upon the influencecryptocurrencies on the environment. But the document does not call for a ban on mining. The Federal Energy Regulatory Commission is invited to conduct studies to study the impact of mining on the climate and the possibilities of using renewable energy sources for it.

The bill exempts transactions up to $200 from tax liability. This will make it possible to use cryptocurrencies as a means of payment.

Other important issues relate to variousareas, including the use of cryptocurrencies in retirement accounts. However, there is still little chance of its speedy adoption. This bill is unlikely to be passed in the current Congress. But it is expected to gain renewed momentum in 2023 with the November midterm elections. Most likely, many points in the document will be changed by then.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest crypto exchange in the world is Binance. The platform supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bitget	https://bitget.com	7.8
3	Huobi	https://huobi.com	7.2
4	AAX	https://aax.com	6.9
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services&#8212; futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.