U.S. Republicans Release Revised Digital Asset Bill: Major Changes Made

U.S. House Republicans haveintroduced a new bill for overseeing digital assets. This move aims to establish rules to protect investors in the cryptocurrency sector. The bill is called the Financial Innovation and Technology for the 21st Century Act.

The new bill is part of several attempts in recent years to create clear rules for digital assets. The introduction comes at a time when cryptocurrency businesses are thinking of leaving the U.S. due to unclear regulations and strict actions.

The bill, first drafted in June, plans to set a path for crypto exchanges to register with the U.S. Securities and Exchange Commission (SEC). It would allow them to trade digital securities, commodities, and stablecoins in one place.

Dusty Johnson (R-S.D.) stated that the bill aims to bring clarity to the crypto industry. It plans to give both the CFTC and SEC a chance to establish clear principles for financial security and certainty in the growing digital asset sector.

However, Gabriel Shapiro from Delphi Labs noted a change in the bill that could reintroduce uncertainty. The new version excludes certain traditional securities like stocks and bonds from the definition of "digital assets".

This change means that some assets found in the decentralized finance (DeFi) market might be regulated heavily under this provision, even if they are not currently. Shapiro warned that the SEC might still take aggressive actions against tokens that can be transferred or share profits.