Leaked US Cryptocurrency Law Could Affect These Altcoins!

An updated draft of a cryptocurrency bill that the industry previously said would ‘kill DeFi’ has leaked. One commentator says the US is ‘finally taking action’.

“It is possible that this will be a boon for DeFi!”

A new draft of the Digital Commodity Consumer Protection Act (DCCPA) bill has started circulating online. Some comments suggest this could be positive for decentralized finance (DeFi) and cryptocurrencies. An earlier draft of the bill included a broad definition for a ‘digital commodity platform’ that could be interpreted as a ban on DeFi. For this reason, it received heavy criticism from the organizations representing the department.

The biggest DeFi altcoin projects

In a newly released 31-page bill shared by Delphi Labs general counsel Gabriel Shapiro, the lawyer says he made the bill public because he believes in “transparency and open discussion.” Shapiro draws attention to a part that changes the meaning of “digital commodity trading facility”, which excludes individuals who develop or publish software. He comments that this “could be a boon” for DeFi and cryptocurrency. In this context, Shapiro shared the following:

Specifically, this release contains a limited exception to the term “digital commodity trading facility”, which excludes individuals who only develop or publish software. It’s possible that this will be a boon for DeFi.

“USA finally moves together on cryptocurrencies”

UpHold crypto exchange research leader Dr. Martin Hiesboeck says the newly published draft complies with precedent regulations in the European Union and the United Kingdom. Thus, he argues, the US is ‘finally acting together’. Hiesboeck makes the following statement on the subject:

First impression: the leaked CFTC bill similarly follows the UK/EU regulation in general terms, although it uses different terminology. I will prepare a detailed report by tomorrow. The US is finally acting together. All suitable.

The comments are a tone change to the previous version of the bill, described by Web3 incubator and advocacy cluster Alliance DAO as “killing DeFi”. The bill also defines decentralized autonomous organization (DAO). In this context, he describes it as “It creates a compatibility architecture that precludes the concept of a system of smart contracts running decentralized infrastructure with little or no faith in human activity”.

Koindeks.com As you follow, there have been long-standing invitations for regulatory clarity regarding digital assets in the US. Some are urging the US Congress to pass clauses defining commodities and give jurisdiction to the CFTC. First introduced in August, the DCCPA expands the CFTC’s regulatory power over the cryptocurrency industry. It tries to define certain cryptos, such as Bitcoin and Ethereum, as commodities rather than securities.

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