Over the past two weeks, Buzz has grown up for the Clarity Act, a new framework proposed for the regulation of American cryptography. The first markup of the bill is scheduled for tomorrow morning.
But what is the meaning of this new Crypto bill, and what actors in the industry support it?
The new act brings clarity to cryptographic regulations
Since the engineering law has erased a key voting in the cup, American crypto policy has been a particularly important subject. At the end of May, the member of the GOP Congress French Hill proposed the law on the clarity of the digital asset market (clarity), a new framework for web3 regulations.
The first increase in the bill will take place tomorrow morning at 10 a.m. Hne.
The proposed law attributes the CFTC as the main regulator of digital products (chain chips), including exchanges, brokers and cash markets. It preserves the authority of the SEC on the assets of the investment contract – of the selections under the Securities Act.
Overall, it creates precise definitions and compliance routes to reduce the incoherent application.
In addition to consumer protection measures, he tries to provide in -depth rules to define tokens as titles or products, a thorny question for regulators.
Without going into excessive details, the bill aims to remove the ambiguity of several situations of this type.
Although it was proposed by a republican, the Clarity Act has a strong bipartite support, reflecting the desire to create a solid framework for the regulation of cryptography.
However, the initial language has focused specifically on assets, their classification and companies that hold them. The proposed bill also exempts “DEFI activities” (such as developers, transaction relays) from conventional registration.
It also explicitly protects the Peer-to-Peer transactions and the individual self-sufficiency of assets.
New and future amendments
To correct part of the surveillance, the Blockchain Regulatory Certure Act (BRCA) was recently presented as an amendment to the bill. Currently, political lobbying groups of the cryptographic industry are trying to help him.
In addition to an initial demonstration of support, eight main professional associations made other statements earlier in the day:
More specifically, this amendment would guarantee that the law on clarity does not apply the heavy regulations where it is not appropriate.
However, some regulators may also disagree with this global ethics. After all, what are laws for? The former president of the CFTC, Tim Massad, who recently warned against the corruption of cryptography, also testified to certain potential traps in the Clarity Act:
“The Clarity Act seems to start with technology and ask, what should we do to facilitate investment in this technology?
Similar criticisms have been leveled to a wide range of recent cryptography regulationsAnd the clarity law will probably be confronted with the same thing.
We do not yet know how much it will have an impact on the final bill, but the law on engineering has undergone substantial amendments of its first version. Between the markup of tomorrow and the voting process, this bill could change considerably in the coming weeks.
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