The US Congress will have been very laborious since the beginning of this year in its effort to provide a comprehensive legislative framework for the digital asset, blockchain and tokenization sector. Since January 2022, no less than 80 new bills related to the cryptocurrency industry have been submitted to the United States Congress for consideration.
Former US Federal Deposit Insurance Corporation (FDIC) regulator Jason Brett published an article outlining over 50 different digital asset bills introduced in Congress that impact crypto “ regulation, blockchain and the politics of CBDC. In his article, he succeeded in categorizing the various bills into six different categories: Categories include crypto taxation, central bank digital currency (CBDC), crypto clarity on regulatory treatment of digital assets and digital asset securities, blockchain technology support, and sanctions issues , ransomware, and implications involving China or Russia’s use of blockchain or cryptocurrencies, as well as access to and limitations on the use of crypto by US elected officials. »
Brett is referring to HR 3684 – the cryptocurrency tax bill – which “must be implemented in terms of cryptocurrency tax reporting requirements by January 1, 2023.” Part of the The wording of HR 3684 is controversial because it could force cryptocurrency miners and stakers to pay taxes in fiat on illiquid cryptoassets.
However, the industry does not know how the state could enforce such a tax or how miners, stakers, and programmers will report the necessary information to tax authorities. Brett wrote: No less than five bills have been introduced in an attempt to modify or reverse the impact of the legislation. »
Congress has also introduced a bill to study the potential for implementing a central bank digital currency (CBDC) with the challenge of: focus on inclusion, accessibility, security, privacy, convenience, speed, and pricing considerations for individuals and small businesses, monetary policy impacts, and systemic risks to the global financial system , among others. »
Other proposed legislation aims to study the impact of central banks allowing bitcoin as legal tender, reduce CBDC exposure to the public, and use a digital dollar as a method of distributing stimulus funds.
In terms of regulations, several bills have been introduced to clarify terminology regarding blockchain developers, definitions of digital asset securities, potential manipulation of virtual currency prices, and to ensure that “ an investment contract asset… is separate and distinct from the securities offering of which it may have been part. »
Two bills concerning cryptocurrencies have been adopted: The “ National Defense Authorization Act for Fiscal Year 2022 (S.1605) and the National strategy for combating terrorist and other illicit financing” (HR2471.) The first concerns the “ Consolidated Appropriations Act, 2022 related to the situation in Ukraine. In a section titled “Other Matters,” the bill enshrines in law that “ the Director of National Intelligence will provide Congressional Intelligence Committees with a briefing on the feasibility and benefits of providing training […] on cryptocurrency, blockchain technology or both. »
The second law relates to the national strategy to combat the financing of terrorism and related forms of illicit financing “.
Future Crypto Laws
Any proposed law can be viewed publicly online by any interested party. The increase in the volume of laws referring to crypto and blockchain can be seen as a bullish indicator for a market that is currently experiencing a significant decline. After seven red candles on bitcoin’s weekly chart, it’s critical to note that the crypto industry isn’t entirely dependent on price action. Global adoption and development is integral to building a strong, resilient, scalable crypto industry that is robust in the face of a bear market.
This proliferation of cryptocurrency laws forces us to distinguish crypto law from pro-crypto law. In clear terms, it is not because laws are multiplying on crypto-assets that we must conclude that these laws are favorable to crypto-assets. In the case of the legislative corpus under construction in the United States, the main concern lies in this question: do all these laws allow healthy development and the crypto-economy or are they so many means deployed by the powers that be? to curb the expansion of the cryptocurrency ecosystem?
Source : cryptoslate.com
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Behind the generic signature “Redaction CT” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.