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In the wake of several enforcement actions by the US SEC, highlighted by the protracted Ripple case, the crypto community is now focusing on finding solutions.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/30b5ead59b2f449ebe7f3d1e4b3739dc.png" />One key issue is the need for clear regulations to encourage institutional interest in digital assets. Several bills have been introduced in Congress that aim to define these regulations, and they&#39;re gaining attention.1. Financial Innovation and Technology for the 21st Century Act:Introduced in July, it aims to determine whether a digital asset is a commodity or security. Led by Republicans from the Agriculture and Financial Services Committees, it could bring clarity by giving regulatory authority to the Commodity Futures Trading Commission (CFTC).If passed, this bill would clarify the regulatory roles of the CFTC and the SEC, reducing confusion. It could also reclassify crypto assets previously labelled securities as commodities, encouraging innovation and streamlining startup operations under clear rules.2. Responsible Financial Innovation Act (RFIA):The Lummis-Gillibrand bill, or RFIA, aims to clarify the SEC and CFTC&#39;s roles in crypto regulation, focusing on consumer protection and asset taxation. It also aims to promote fair access to banking services for crypto firms, essential for gaining credibility in traditional finance. The bill, taking a comprehensive approach, also considers decentralized autonomous organizations (DAOs) in the tax code and aims to establish an advisory committee.3. Digital Asset Market Structure Bill (DAMS):Introduced in June, this bill aims to define the regulatory responsibilities of the SEC and CFTC in the crypto sector. Under DAMS, crypto tokens would require SEC certification to be verified as adequately decentralized before being classified as commodities. The bill also opens the door for crypto exchanges to register as alternative trading systems (ATS), potentially improving transparency and oversight.4. Digital Commodity Exchange Act (DCEA):Building on previous versions, the updated DCEA introduced in April 2022 suggests that stablecoin providers can register as &#39;fixed-value digital commodity operators&#39; and follow reporting requirements. This bill empowers the CFTC to oversee spot exchanges, treating them like conventional commodity exchanges.This distinction is important as it differentiates non-security cryptocurrencies as digital commodities under the CFTC&#39;s authority, while the SEC still oversees crypto securities offerings. Developers could also voluntarily register with the CFTC, adding an extra layer of accountability.Moving Forward:If these bills become law, they could bring clarity to the legal status of different crypto assets and boost confidence among institutional investors. This certainty might encourage more participation, driving innovation and the much-anticipated growth of the crypto and DeFi spaces. As the global community grapples with regulatory complexities, the response of the United States to these bills could set the tone for how the world approaches regulating digital assets.Catch up on our published articles for the week!NEWS● Bitget to Implement Stricter KYC Requirements Starting September 2023 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/bitget-to-implement-stricter-kyc-requirements-starting-september-2023/" rel="noopener noreferrer nofollow"> Read more</a>.●  Coinrule Partners with Coinbase to Bring AI-Automated Trading to Users &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/coinrule-partners-with-coinbase-to-bring-ai-automated-trading-to-users/" rel="noopener noreferrer nofollow"> Read more</a>.●  Valour Launches 1Valour Ethereum Physical Staking ETP &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/valour-launches-1valour-ethereum-physical-staking-etp/" rel="noopener noreferrer nofollow"> Read more</a>.●  Coinbase Takes Equity Stake in Circle To Deepen USDC Relationship, As Centre Consortium Is Shut Down &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/coinbase-and-circle-restructure-partnership-for-better-governance-of-usdc-and-growth/" rel="noopener noreferrer nofollow"> Read more</a>.●  South Korean City Plans to Seize Crypto Assets to Collect Unpaid Taxes &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/south-korean-city-plans-to-seize-crypto-assets-to-collect-unpaid-taxes/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance.US Adopts USDT as ‘Base Asset’, Partners With MoonPay and Others for USD On-Ramp Services &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/inance-us-adopts-usdt-as-base-asset-partners-with-moonpay-and-others-for-usd-on-ramp-services/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance Launches “Binance Pay” in Brazil &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/binance-launches-binance-pay-in-brazil/" rel="noopener noreferrer nofollow"> Read more</a>.●  Australia’s Central Bank Says the Nation Is Not Ready to Issue a CBDC &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/australias-central-bank-says-the-nation-is-not-ready-to-issue-a-cbdc/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  Top 10 Upcoming Crypto Airdrops in 2023 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/top-10-upcoming-crypto-airdrops-in-2023/" rel="noopener noreferrer nofollow"> Learn more.</a>●  The Latest On Elon Musk’s DOGE Lawsuit &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/the-latest-on-elon-musks-doge-lawsuit/" rel="noopener noreferrer nofollow"> Learn more.</a>●  How to Do Your Research (DYOR) in Crypto &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/how-to-do-your-research-dyor-in-crypto/" rel="noopener noreferrer nofollow"> Learn more</a>.●  Understanding Wash Trading In The Crypto Market &gt;&gt;&gt;<a href="https://defi-planet.com/2023/08/understanding-wash-trading-in-the-crypto-market/" rel="noopener noreferrer nofollow"> Learn more</a>.<h4>ICYMI…</h4>Former FTX CEO&#39;s Defence Team Objects to 4 Million Pages of DiscoveryFormer FTX CEO Sam Bankman-Fried and his legal team are facing a deluge of discovery documents from the U.S. government, totalling 4 million pages. Bankman-Fried&#39;s attorneys have argued that this information avalanche hinders their client&#39;s ability to adequately prepare for his case.U.S. prosecutors recently released a substantial volume of discovery documents, raising concerns from Bankman-Fried&#39;s lawyers. In a court filing, they objected to the government&#39;s approach of granting access to these materials while Bankman-Fried is held at the Metropolitan Detention Center.The lawyers stressed the challenge posed by the sheer amount of information, noting that &#34;the Government&#39;s recent release of an additional 4 million pages of discovery just yesterday&#34; is unreasonable given the trial&#39;s proximity.The legal team further highlighted that Bankman-Fried&#39;s involvement in the case is vital due to his deep understanding of the companies involved and his efficient document location skills. Despite having a laptop, his limited internet access hampers collaboration with his legal team and access to prior work.With Bankman-Fried&#39;s trial approaching, his lawyers are urging for his temporary release, allowing him to work closely with his defence team and access the internet for five days a week in a dedicated courthouse workspace. These requests for release conditions have been advocated since at least August 18th.Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/92f3edc036244a96b0cd5b440f170218.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #63 | Crypto Regulations: Examining Key Bills Proposed Post-SEC Enforcement Actions 🧑‍⚖️ 🚨

DeFi Planet

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