Značka: Bills

US senator bill seeks to cushion crypto exchanges from SEC enforcement actions

United States Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” Securities and Exchange Commission (SEC) enforcement actions.The Digital Trading Clarity Act of 2022, introduced by Sen. Hagerty, aims to provide regulatory clarity around two primary concerns plaguing crypto exchange establishments — (i) the classification of digital assets and (ii) related liabilities under existing securities laws. A bill to provide digital asset intermediaries with a safe harbor from certain enforcement actions by the Securities and Exchange Commission, and for other purposes. Source: congress.govSen. Hagerty outlined an overview of the problems amid regulatory hurdles:“The current lack of regulatory clarity for digital assets presents entrepreneurs and businesses with a choice: navigate the significant regulatory ambiguity in the U.S., or move overseas to markets with clear digital asset regulations.”The aforementioned regulatory uncertainty, according to Sen. Hagerty, discourages investments in the crypto spaces and hampers job creation opportunities in the US. As a result, the blockade “jeopardizes the United States’ leadership in this transformational technology at such a crucial time.”The senator believed that the legislation, when passed, would not only provide “much-needed certainty” to crypto businesses but also improve the growth and liquidity of U.S. cryptocurrency markets.To establish the legislation as law, the bill needs approval from the Senate, the House and the President of the United States.Related: US lawmakers propose amending cybersecurity bill to include crypto firms reporting potential threatsRunning parallel to the regulatory reforms recommended by the US senators, the federal government amped up efforts to study the feasibility of central bank digital currencies (CBDCs) in the American market. Under Biden’s directive, the Office of Science and Technology Policy (OSTP) analyzed 18 CBDC design choices — outlining various pros and cons of each system:“It is possible that the technology underpinning a permissionless approach will improve significantly over time, which might make it more suitable to be used in a CBDC system.”The technical evaluation for a U.S. CBDC system highlighted the department’s inclination toward an off-ledger, hardware-protected system.

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California Gov. Newsom vetoes crypto licensing and regulatory framework

Adding to the existing regulatory hurdles for the crypto ecosystems, California Governor Gavin Newsom refused to sign a bill that would establish a licensing and regulatory framework for digital assets.Assembly Bill 2269 sought to allow the issuance of operational licenses for crypto companies in California. On Sept. 1, California State Assembly passed the bill with no opposition from the assembly floor and went on to the governor’s office for approval.Letter of rejection from Gov. Mewsom. Source: leginfo.legislature.ca.govOpposing the notion, Newsom recommended a “more flexible approach” that would evolve over time while considering the safety of consumers and related costs, adding:“It is premature to lock a licensing structure in statute without considering both this work (in-house efforts to create a transparent regulatory environment) and forthcoming federal actions.”The governor stated that the bill, in its current form, would require loaning “tens of millions of dollars” from the state’s general fund:“Such a significant commitment of general fund resources should be considered and accounted for in the annual budget process.” Newsom highlighted that he waits for federal regulations to “come into sharper focus for digital financial assets” before working with the Legislature to establish crypto licensing initiatives.Related: Biden’s anemic crypto framework offered us nothing newThe Office of Science and Technology Policy (OSTP) submitted an analysis to the White House regarding design choices for 18 central bank digital currency (CBDC) systems for the United States.The technical evaluation for a U.S. CBDC system highlighted OSTP’s inclination toward building an off-ledger, hardware-protected system while considering the various trade-offs inherited by each design choice.

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Congress demands crypto payments notification from DOS when helping Ukraine

A new bill demanding a congressional notification prior to payments of the United States Department of State (DOS) rewards using cryptocurrencies surfaced as the U.S. Congress raised concerns about the evasion of sanctions.The Rewards for Justice Program, a counterterrorism rewards program run by the Secretary of State, offers rewards for information that prevents international terrorism. Citing examples of Russia and Belarus as previously sanctioned regimes that have used cryptocurrencies to circumvent sanctions, the bill H. R. 7338 demands that:“The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward in cryptocurrency.”Congress highlighted the United Nations’ findings that 12 million Ukrainian residents would need humanitarian assistance and that cryptocurrencies have “been used as an effective cross-border payment tool to send millions to the Ukrainian Government, Ukrainian army, and Ukrainian refugees with limited access to financial services.”The bill amendment demands the Secretary of State submit reports to congressional committees explaining why the DOS made the decision to pay out rewards in cryptocurrency. If signed into law, the bill will require the DOS to list each crypto payments that were previously provided. Moreover, the federal department will also need to provide evidence as to why cryptocurrency payments would encourage whistleblowers to share intel when compared to rewarding with U.S. dollar or other prizes.In doing so, the DOS must showcase an analysis of how crypto rewards could undermine USD’s dominance as the global reserve currency.Related: White House OSTP department analyzes 18 CBDC design choices for the USFollowing U.S. President Joe Biden’s executive order on Ensuring Responsible Development of Digital Assets, federal agencies joined hands in publishing a fact sheet to articulate a clear framework for responsible digital asset development.The “first-ever” fact sheet published by the White House consisted of seven sections, namely (1) Protecting Consumers, Investors, and Businesses; (2) Promoting Access to Safe, Affordable Financial Services; (3) Fostering Financial Stability; (4) Advancing Responsible Innovation; (5) Reinforcing Our Global Financial Leadership and Competitiveness; (6) Fighting Illicit Finance and (7) Exploring a U.S. Central Bank Digital Currency (CBDC).While some of the sections don’t contain any particularly new information, federal agencies recommend the creation of a federal framework for nonbank payment providers in addition to encouraging the adoption of instant payment systems like FedNow, which is expected to launch in 2023.

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UK Treasury en route to legalizing stablecoins amid Terra's UST crash

United Kingdom’s Department of Treasury, or Her Majesty’s Treasury, has reportedly decided to go ahead with regulating stablecoins as legal tender. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of one of the most popular algorithmic stablecoin, TerraUSD (UST).A local report from The Telegraph highlighted the Treasury’s intent to regulate stablecoins across Britain, which was revealed during the Queen’s Speech. During the speech, Prince Charles announced the introductions of new legislation across various sectors, including measures to drive economic growth to improve living standards in the region, adding:“A bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow [Economic Crime and Corporate Transparency Bill]”Cointelegraph’s report from April 4 called attention to the U.K.’s Economic and Finance Ministry department, which cited the amendment of its existing regulatory framework for incorporating stablecoins as a means of payment.Economic Secretary @JohnGlenUK announced today that stablecoins will be brought into UK payments regulation.This places the UK financial services sector at the forefront of technology, creating conditions for stablecoin issuers and service providers to operate and invest. pic.twitter.com/14SsIGW5bf— HM Treasury (@hmtreasury) April 4, 2022While the recent crash of the Terra ecosystem — which saw an unrecoverable downfall of LUNA and UST — was expected to raise red flags among the regulators, the UK Treasury maintains its course “to ensure the UK financial services industry is always at the forefront of technology and innovation,” as previously stated by the Chancellor, Rishi Sunak.However, the Treasury’s plan does not involve legalizing algorithmic stablecoins and instead prefers 1:1 fully-backed stablecoins like Tether (USDT) or USD Coin (USDC). According to the Treasury spokesman:“Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech.”By legalizing stablecoins for the UK market, the Treasury aims to open up growth opportunities while ensuring financial stability as it introduces new financial technologies. Underscoring the fact that the value of Terra’s UST token was tied to a different cryptocurrency, the spokesperson stated:“The Government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets.”Related: SEC’s Hester Peirce says new stablecoin regs need to allow room for failureCommissioner Hester Peirce of the United States Securities and Exchange Commission (SEC) recently highlighted the need for “room for there to be failure” while backing a regulatory framework for stablecoins.I’d be happy to talk about how to achieve the SEC’s regulatory objectives without impeding the trial and error that is so essential to innovation. CommissionerPeirce@sec.gov— Hester Peirce (@HesterPeirce) May 14, 2022

While speaking at an online panel, Peirce mentioned the rising interest in stablecoins among regulators. As Cointelegraph reported, Peirce urged the SEC to provide exemptions to particular technologies, which according to her, would allow for necessary experimentation:“We need to allow room for there to be failure because that obviously is part of trying new things and our framework really does allow for that kind of trial and error. I hope that we will use it for that purpose.”

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Hawaii Senate committees favor task force to regulate crypto, blockchain

Two committees of the Hawaii State Legislature — Commerce and Consumer Protection (CPN) and Ways and Means (WAM) — unanimously approved the launch of a specialized task force to explore the use and regulation of the crypto ecosystem.In a letter addressed to the President of the Hawaii Senate, Ron Kouchi, legislative members Donovan Dela Cruz and Roz Baker wrote in support of creating a “Blockchain and Cryptocurrency Task Force” that was first proposed in bill SB2695.SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to establish a task force within the Department of Budget and Finance to review and compile country-wide data on crypto and blockchain. The task force would submit findings and potential legislation back to the State Capitol — which involves providing a plan to expand blockchain adoption in both the private and public sectors.Record of votes from Committees on CPN and WAM. Source: Hawaii State LegislatureCiting the vast potential for both the use and regulation of blockchain technology and cryptocurrency, the letter read:“This measure establishes a task force to create a master plan to explore the use and regulation of blockchain and cryptocurrency.”Once signed into law, the blockchain and cryptocurrency task force will need to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023. The task force will consist of 11 members — including representatives of a blockchain payments solution company, a cryptocurrency exchange and a cryptocurrency association — who shall be appointed by the governor.Related: Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrenciesOn April 27, Brazil’s Senate passed its first crypto-related bill in a plenary session, calling for the creation of a regulatory framework. As Cointelegraph reported, the bill awaits approval by the Chamber of Deputies before it can be signed into law by President Jair Bolsonaro. Speaking on the development, Senate President Rodrigo Pacheco said:“I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.”The bill is expected to be passed into law by the end of 2022.

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NY Sen. Thomas proposes to criminalize rug pulls and other crypto frauds

New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects.The bill drafted by Sen. Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe crypto investors.A snippet of Senate Bill S8839. Source: nysenate.govThrough the bill, Thomas seeks to provide prosecutors with a clear legal framework against crypto crimes that align with the spirit of the blockchain while combatting fraud. It calls for a law amendment that will imply rug pull charges on developers that sell “more than 10% of such tokens within five years from the date of last sale of such tokens.”Private key fraud involves disclosing or misusing another person’s private keys without prior affirmative consent. The bill also seeks to charge developers with fraudulent failure to disclose interest in virtual tokens that don’t publicly disclose personal crypto holdings on the landing page of the primary website. The bill wa under committee review to determine its eligibility for floor consideration at the time of writing.Related: US lawmakers introduce companion bill to ‘mitigate risks’ from El Salvador’s Bitcoin LawTwo members of the House of Representatives — California Representative Norma Torres and Arkansas Representative Rick Crawford — recently introduced legislation to mitigate financial risks tied to El Salvador adopting Bitcoin (BTC) as legal tender.Today, I introduced the Accountability for Cryptocurrency in El Salvador Act with @RepRickCrawford. El Salvador’s adoption of #Bitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country. https://t.co/Ag9K8fyHMb pic.twitter.com/4N8DN7895w— Rep. Norma Torres (@NormaJTorres) April 5, 2022As Cointelegraph reported, the proposed legislation seeks to analyze the risks to El Salvador’s “cybersecurity, economic stability and democratic governance.” According to Torres:“El Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision.”

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US Virginia Senate allows state banks to offer crypto custody services

The United States Senate unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services. Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:“A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.”The bill passed Senate with a sweeping 39-0 vote and is waiting to be signed into law by Governor of Virginia Glenn Youngkin. Banks that intend to offer this service to clients will need to adhere to three specific requirements mentioned in the bill — implement effective risk management systems, possess adequate insurance coverage and launch an oversight program to address risks associated with cryptocurrencies.However, the Senate will require the banks’ customers to retain direct control of their public and private keys associated with their virtual currency, adding:“Acting in a fiduciary capacity, the bank shall require customers to transfer their virtual currencies to the control of the bank by creating new private keys to be held by the bank.”Other states such as Wyoming have also recently seen an introduction of legislation for a state-issued stablecoin. Related: US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assets Just last month, the House Committee on Financial Services had a discussion about whether regulations on stablecoins and digital assets should be addressed at the state or federal level. In this regard, North Carolina Representative and ranking committee member Patrick McHenry asked the committee to consider state-level regulatory frameworks in lieu of a comprehensive federal law on stablecoins.Jean Nellie Liang speaking at Feb. 8 House Committee on Financial Services hearingQuoting a report from the President’s Working Group on Financial Markets, Jean Nellie Liang the undersecretary for domestic finance at the Department of Treasury, said that U.S. dollar-pegged stablecoin issuers — both state and federally chartered banks — should be held to the same standards as insured depository institutions.

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