Republicans of the US House of Representatives have published a bill to regulate the digital asset industry, which obliges the SEC and CFTC to develop appropriate rules.
The 200-page document is called the 21st Century Financial Innovation and Technology Act. It obliges regulators to define the concepts of “blockchain” and “digital asset”.
At the same time, agencies are prohibited from establishing rules on the form in which citizens can own cryptocurrencies.
Under the proposal, blockchain projects would be temporarily exempted from traditional registration for securities distribution. Issuers of digital assets would be able to offer tokens worth up to $75 million over a 12-month period, but with restrictions on sales to non-accredited investors.
Issuers must still file information with the SEC, including annual and semi-annual reports. The rule will remain in place until regulators certify the project as decentralised and commoditise the token.
Companies will not be able to sell more than 10 per cent of the total supply of an asset to a single buyer. The bill also contains language prohibiting the commingling of customer and corporate funds.
“This is a key moment for the U.S. as a global leader in innovation and technology adoption. Digital assets have the potential to revolutionise our financial system, and the underlying blockchain technology promises to be the foundation for the next generation of the internet,” said House Speaker Patrick McHenry.
Lawmakers will vote for the document already next week.
Recall, in July, senators proposed a bill that obliges DeFi protocols to comply with AML-rules.
In June, the head of the U.S. Treasury Janet Yellen urged Congress for the early adoption of the law on cryptocurrencies.
Earlier, Moody’s analysts said that without a bipartisan approach to cryptocurrency regulation, the United States will become “less attractive to both firms and investors.”