Congressional Committees Release Digital Asset Regulation Draft to Provide Clarity, Innovation and Consumer Protection

House Financial Services and Agriculture Committees released a discussion draft of legislation to provide a framework for regulating digital assets.
Goal is to provide clarity, fill regulatory gaps, foster innovation with consumer protections.
Seeks to strike balance between consumer protection and encouraging responsible innovation.
Aims to close authority gaps between CFTC and SEC, bolster U.S. leadership in finance and tech innovation.
Draft establishes functional framework to fill regulatory gaps between CFTC and SEC.

house.gov

Relevant topic timeline:

8/25/2023

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

The U.S. Department of the Treasury and the IRS have released proposed regulations on the sale and exchange of digital assets, requiring brokers to report certain transactions and helping taxpayers determine their tax obligations.

9/4/2023

Australia Senate Committee Rejects Crypto Bill From Opposition Senator Andrew Bragg

The Australian Senate rejects a proposed bill on digital asset regulation, instead recommending further consultation with the industry, causing criticism from opposition senator Andrew Bragg.

9/4/2023

Australian lawmakers reject Andrew Bragg’s crypto bill

The Committee on Economics Legislation in Australia has recommended that the Digital Assets (Market Regulation) Bill 2023 not be passed, suggesting further research on the topic instead.

9/28/2023

Crypto Exchanges Should Accept Regulation, Says World Federation of Exchanges

The World Federation of Exchanges suggests that crypto-asset trading platforms should embrace regulation to enhance their market appeal, while also proposing six principles for regulating such platforms.

Topics

Posted 6/2/2023, 7:00:00 AM

Congressional Committees Release Digital Asset Regulation Draft to Provide Clarity, Innovation and Consumer Protection

House Financial Services and Agriculture Committees released a discussion draft of legislation to provide a framework for regulating digital assets.
Goal is to provide clarity, fill regulatory gaps, foster innovation with consumer protections.
Seeks to strike balance between consumer protection and encouraging responsible innovation.
Aims to close authority gaps between CFTC and SEC, bolster U.S. leadership in finance and tech innovation.
Draft establishes functional framework to fill regulatory gaps between CFTC and SEC.

house.gov

Relevant topic timeline:

8/25/2023

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

9/4/2023

Australia Senate Committee Rejects Crypto Bill From Opposition Senator Andrew Bragg

The Australian Senate rejects a proposed bill on digital asset regulation, instead recommending further consultation with the industry, causing criticism from opposition senator Andrew Bragg.

9/4/2023

Australian lawmakers reject Andrew Bragg’s crypto bill

The Committee on Economics Legislation in Australia has recommended that the Digital Assets (Market Regulation) Bill 2023 not be passed, suggesting further research on the topic instead.

9/28/2023

Crypto Exchanges Should Accept Regulation, Says World Federation of Exchanges