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Tougher Stance on DAOs, DeFi, Stablecoins, and Exchanges -Breaking

by Mike Robinson

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The New U.S. Crypto Bill is Leaked: A Tougher Stance On DAOs and DeFi, Stablecoins and Exchanges

Crypto Twitter (NYSE:), was in a frenzy Monday 7th June after a leaked 600-page document purporting to be the U.S. crypto bill made its rounds via micro-blogging.

Leaked U.S. Crypto Bill

A new U.S. cryptocurrency bill will provide the needed regulatory clarity the industry is clamoring to have, and also highlight key areas that regulators should be concerned about.

This bill focuses on user protection from the flood of frauds, hackers, and bank run riots. These measures are particularly focused on Decentralized Finance (DeFi), Stablecoins (DAOs), decentralized Autonomous Organizations (DAOs), as well as crypto exchanges.

The new Crypto Bill: What is it?

New legislation provides new regulatory clarity to the cryptocurrency industry. Crypto projects that are involved in equity, dividends, income, debt or any other type of capital will now be considered commodities.

According to leaked documents DAOs and exchanges will need to register as entities and would be subject to tax. Depository institutions such as banks will also be able to issue stablecoins under the proposal.

Compliance costs for crypto exchanges may rise, as well as the requirement to pay the government some of the fees they charge customers. Deposited assets in bankruptcy cases are returned to the users and not liquidated.

Flipside

  • Although the proposed bill may increase operational costs for crypto projects it is welcomed by the crypto community as it adds regulatory clarity to this nascent sector.

What You Need to Care About

Proposed policies that would significantly regulate the cryptocurrency industry seem to be geared towards DeFi projects, DAOs and anonymous projects.

This bill affirms that ETH and ETH are commodities as stated by the CFTC. Learn more:

Crypto Digest, May 23, 2009

SEC Eyes Crypto Exchanges as a Tool for Oversight

Find out what direction the European regulators are following:

European Regulators Warn Crypto Investors About Risks of “Losing Everything”

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