According to the latest reports coming from Coindesk, a US lawmaker who has previously shown little interest in crypto has introduced what could be the most sweeping legislation up until now in order to regulate the crypto market.
It’s been revealed that rep. Don Beyer’s bill would “allow the Treasury Secretary to veto the creation of stablecoins, direct regulators to define rules for decentralized finance (DeFi) and possibly create a charter for crypto exchanges, among other measures.”
The 58-page “Digital Asset Market Structure and Investor Protection Act,” which Beyer introduced Thursday, seeks to create an exhaustive regulatory regime for digital assets.
Creating a new regime for cryptos
According to the online publication CoinDesk, it’s been reported that it would do so in part by defining which sorts of cryptos might be securities, which of them can be treated as commodities, and bolster tax data collecting for reporting purposes.
This bill seems to be addressing a strong desire from the industry for more regulatory clarity.
As the online publication mentioned above notes, where other bills have tried to address the issues, this seems to be covering more problems in one, and it came just at the right time.
It’s been also revealed that this appears to have been thoroughly researched, even if certain provisions rankled crypto supporters.
It’s not very clear what kind of support this bill has or, more than that, what a potential timeline for the passage might look like, but the depth of the bill raised eyebrows in the crypto policy circles.
“For a proposed legislation that seemingly came out of nowhere, it is incredibly comprehensive and the authors clearly have an understanding of the underlying technology,” said Marc Goldich, a partner at the law firm of Axler Goldich LLC.
He continued and said as per CoinDesk that “It’s going to take some time to unpack and see how it could impact the industry and it will be interesting to see if this bill has legs, but this is the most well-written draft of crypto legislation to date.”