House Republicans proposed what may be the most important crypto oversight effort this year, forcing a new crypto regime at the SECGov and a way to certify tokens as commodities. But it doesn't yet have Democrats on board. jesseahamilton reports
Crypto exchanges would gain a path to registering with the U.S. Securities and Exchange Commission and would be able to trade digital securities, commodities and stablecoins all in one place under a proposal from the Republican chairs of the two House of Representatives committees trying to hash out a bill.
For some crypto platforms, though, the designations of which bucket each asset fits into could become less important, because an– labeled as an alternative trading system – would have the ability to set up trading in stablecoins and commodities, as well. So those platforms would potentially handle all of a crypto investor’s transactions in one place, as long as they also register with the U.S. Commodity Futures Trading Commission .
But as a product of negotiations between Rep. Patrick McHenry , the chair of the financial panel, and Rep. Glenn “GT” Thompson , the chair of the agriculture committee, this bill doesn’t yet represent the needed input from their Democratic counterparts. It’s a “discussion draft” meant to start the conversation, according to a senior policy staff familiar with the legislation, who said the chairs are hoping Democrats come up with their own version and the sides can start finding common ground.
The House Republicans are also calling for studies of decentralized finance and non-fungible tokens , which suggests that regulation of those parts of the crypto economy may be pushed further down the road.
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