A bill intended to clarify regulatory issues for the digital assets sector has been introduced by US lawmakers.
The Financial Innovation and Technology for the 21st Century Act Aims to Create New Definitions, Exemptions, and a Registration Process for Digital Asset
A bill intended to clarify regulatory issues for the digital assets sector has been introduced by US lawmakers.
The Financial Innovation and Technology for the 21st Century Act aims to create new definitions, exemptions for digital assets, and a registration process for digital asset intermediaries with the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).
One of the main components of the law is a process for blockchains to be recognised as decentralized, with the SEC given the chance to contest claims made by token issuers. A new disclosure framework would also be imposed on issuers of digital assets, requiring them to disclose details about their projects' economics, development strategy, and other risk concerns.
The bill would change US securities laws to require the SEC to take "innovation" into account when enacting new regulations. One of the main sponsors of the proposal, French Hill (R-AR), called it "landmark legislation" that would "protect consumers and keep innovation in the United States."
