Cryptocurrency law to be presented in the US this week

The first cryptocurrency bill will be presented in the US Congress this week. It is expected to clarify various elements of virtual asset regulation, as well as determine how to properly classify cryptocurrencies. It is reported that if the bill is passed, crypto assets will officially become part of the US financial system.

It should be noted that a candidate for the US Senate made a similar promise. In case of his victory, the politician plans to prepare a bill that will legalize Dogecoin as an official method of payment for goods and services.

Among the proposals of the bill that will be considered in Congress on Tuesday is the creation of a self-regulatory organization. This will likely not go over well with the Securities and Exchange Commission (SEC), which argues that most digital assets potentially fall under the commission’s jurisdiction.

Another potential proposal in the bill could exempt bitcoin miners from the rules that apply to brokerage firms. At the same time, the adopted law will give the Commodity Futures Trading Commission (CFTC) additional powers to oversee cryptocurrency markets. According to the draft law, such areas as consumer protection and regulation of stablecoins will be managed by joint bodies of the SEC and CFTC.

Calls to regulate cryptocurrencies in the United States have been made even before the Terra ecosystem collapse. In addition to the above, a draft law has recently been submitted to the lower house of the US Congress, which proposes to oblige congressmen to disclose information about investments in digital assets.