2022-06-07 22:23:26
BREAKING: US Crypto Bill allegedly leaked
What does the Crypto bill encapsulate?
Here is the summary of Bill content:
Compliances, DAOs, exchanges, and stablecoin providers would have to become registered entities
Security laws have been re-painted with clarity, and a host of assets have been re-classified as commodities under the CFTC.
Compliance costs are proposed to be risen. Investors might have to indirectly bear the burden of the same as exchanges would try to recover the same via higher fees
Bankruptcy definitions have also been changed. Per the bill, assets deposited would get returned to users and not liquidated.
Fee offsetting rules mean exchanges would have to pay the government from fees, and the same would likely escalate costs.
The proposal also gives depository institutions the right to issue stablecoins.
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