The U.S. Senate introduced a bill on cryptocurrencies

Home / The U.S. Senate introduced a bill on cryptocurrencies

Senators Kirsten Gillibrand and Cynthia Lummis unveiled the full version of their bill to regulate cryptocurrencies.
According to the document, any crypto-platform (DAO, DeFi-platform, crypto-exchanges) is required to be registered in the United States.
Notably, there is no clear definition of DeFi in the document.
Also, most assets will fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC). Thus, tokens will be treated as a commodity rather than a security.

Stablecoin issuers, in turn, would be equated with traditional financial institutions and required to hold a reserve for each digital coin issued.

The bill also proposes to classify as an exchange any marketplace that trades at least one digital asset. Thus, market makers would also fall under the definition of “exchange.

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