The House Agriculture and Financial Services Committees have been working together all year on a bill to rival Lummis and Gillibrand’s Responsible Financial Innovation Act.
The Republican members of the agriculture and financial services committees of the US House have submitted a bill to regulate the digital assets.
The 212-page bill called the Financial Innovation and Technology for the 21st Century Act was introduced on July 20, designed to close regulatory loopholes by developing a framework for the “specific risks of various digital asset-related activities”.
The law defines the Securities and Exchange Commission’s (SEC) authority, grants the Commodity Futures Trading Commission control over digital commodities, and establishes a procedure for selling digital assets that were initially classified as securities as commodities.
Decentralisation is the primary prerequisite for a digital asset to be classified as a commodity under the terms of the bill. On SEC-registered digital asset trading networks, commodities for digital assets may be sold. Market participants may register with both agencies and are subject to new, more stringent disclosure rules.
Coin Center, Blockchain Association Slam ‘Unworkable’ US Senate DeFi Bill
Coin Center said the bill is ‘unconstitutional’, while Blockchain Association called it ‘incompatible’ with blockchain technology. A recently introduced United States Senate bill has come under fire from advocacy groups for the cryptocurrency industry for what they claim is a confusing approach to regulating the decentralized finance (DeFi) sector.
The Blockchain Association and the crypto think tank Coin Centre each issued a statement on July 20 calling the proposed legislation “messy,” “unworkable”, and “unconstitutional” method of regulating DeFi. The bipartisan Crypto-Asset National Security Enhancement Act (CANSEE) bill, which was introduced on July 18, seeks to stop money laundering offenses in DeFi.
If implemented, the proposal will impose new sanctions on anybody who “controls” or “makes available an application designed to facilitate transactions using a digital asset protocol.” They would also need to follow financial reporting and anti-money laundering rules.
Reddit Engineer Shares Strategy Behind NFT Onboarding
At the Ethereum Community Conference (EthCC) in Paris, Reddit senior developer Mirela Spasova discussed the company's approach to introducing millions of users to its blockchain-backed digital collectibles. Spasova is working on the Collectible Avatars project.
Spasova emphasized that the primary motivation behind running Collectible Avatars on-chain is to empower users with freedom of use. Users can make their own decisions by using an on-chain strategy, including the possibility to resell the avatars on well-known nonfungible token (NFT) exchanges like OpenSea.
