{"id":11493,"date":"2022-06-10T20:37:35","date_gmt":"2022-06-10T20:37:35","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/what-the-proposed-crypto-bill-could-mean-for-nfts\/"},"modified":"2022-06-10T20:37:39","modified_gmt":"2022-06-10T20:37:39","slug":"what-the-proposed-crypto-bill-could-mean-for-nfts","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/what-the-proposed-crypto-bill-could-mean-for-nfts\/","title":{"rendered":"What the Proposed Crypto Bill Could Mean for NFTs"},"content":{"rendered":"<div>\n<p class=\"\">After months of teasing a new U.S. regulatory entity focused on crypto, U.S. Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate Agriculture Committee introduced bipartisan legislation on Tuesday.<\/p>\n<p>While the 69-page bill doesn\u2019t address NFTs, it does provide crucial information that will help determine whether a token is considered a \u2018commodity\u2019 rather than a \u2018security.\u2019\u00a0<\/p>\n<h3 id=\"h-defining-digital-assets-and-virtual-currencies\"><strong>Defining \u2018digital assets\u2019 and \u2018virtual currencies\u2019<\/strong><\/h3>\n<p>In its current form, Lummis\u2019 and Gillibrand\u2019s bill defines a \u2018digital asset\u2019 as a natively electronic asset that confers economic or proprietary access rights or powers and includes virtual currency and payment stablecoins.<\/p>\n<p>The bill later goes on to define \u201cvirtual currency\u201d as a digital asset that is used \u201cprimarily\u201d as a medium of exchange, unit of account or a store of value and is not backed by an underlying financial asset.<\/p>\n<h2 id=\"h-most-crypto-will-be-commodities\"><strong>Most crypto will be \u2018commodities\u2019<\/strong><\/h2>\n<p>The 69-page bill, dubbed the \u2018Responsible Financial Innovation Act\u2019 encourages\u00a0 \u201cresponsible innovation,\u201d where the majority of crypto markets would fall under the purview of the Commodity Futures Trading Commission (CFTC) \u2014 rather than the rigorous expectations and reporting requirements of the SEC.\u00a0<\/p>\n<p>However, it still leaves a broad array of tokens under the SEC\u2019s oversight. The bill\u2019s language designates digital currencies as \u201cancillary assets\u201d or intangible, fungible assets that are offered or sold in tandem with a purchase and sale of a security. Under U.S. law and the jurisdiction of the CFTC, these ancillary assets would be treated as \u201ccommodities.\u201d<\/p>\n<p>Aides to Sens. Lummis and Gillibrand also said that the bill treats all digital assets as \u201cancillary\u201d unless they behave like a security that a corporation would typically issue to investors to build capital \u2014 such as dividends, liquidation rights or a financial interest in the issuer.\u00a0<\/p>\n<h2 id=\"h-companies-can-register-as-digital-asset-exchanges\"><strong>Companies can register as \u2018digital asset exchanges\u2019<\/strong><\/h2>\n<p>While the bill attempts to regulate \u2018digital asset exchanges\u2019, distinguishing a \u2018centralized\u2019 and \u2018decentralized\u2019 exchange \u2014 it fails to actually define what a \u2018digital asset exchange\u2019 is.\u00a0<\/p>\n<p>One attorney presented the hypothetical of whether a decentralized platform under these purposes is an automated market maker (AMM), liquidity pool, or the front-end. Brandon Ferrick, general counsel at Injective Labs identified what he believes is an \u201cinternal inconsistency\u201d pointing to the inability of creators to single-handedly change or influence the project or organization they had made.\u00a0<\/p>\n<p>\u201cSo in the case of a decentralized platform here, if the law requires that the platform only lists certain\u2026tokens, if the person who created it and released it no longer retains the power to comply with that law, you\u2019re going to 100% fail every time\u2026it reflects a misunderstanding of what\u2019s happening with the underlying technology,\u201d he told <em>The Defiant.<\/em><\/p>\n<h2 id=\"h-stablecoin-providers-must-publicly-disclose-their-reserves\"><strong>Stablecoin providers must publicly disclose their reserves<\/strong><\/h2>\n<p>Earlier this week, the New York State Department of Financial Services released new rules for licensed cryptocurrency firms that issue stablecoins, calling for reserve requirements and monthly independent audits, which could affect current holders of the state\u2019s BitLicense holders.\u00a0<\/p>\n<p>New York\u2019s landmark crypto regulation, BitLicense, which was first introduced in 2015, allows a company to conduct Virtual Currency Business Activity involving New York or a New York Resident.<\/p>\n<p>However, under Lummis\u2019 and Gillibrand\u2019s bill, stablecoin providers will be required to publicly disclose their reserves and be 100 percent backed by cash with regular audits. This could present questions for Circle and Tether, two of the largest stablecoin issuers, which recently revealed their products were backed by a combination of cash, cash-like products, short-term securities, and commercial paper.\u00a0<\/p>\n<p>Full-time audits, according to Lummis, would be an industry first for stablecoins.<\/p>\n<p>While the bill won\u2019t get much traction until closer to 2023, given the upcoming November midterm elections, it will still set the stage for pushing stronger regulatory action.\u00a0<\/p>\n<p>Given the size and complexity of the bill, lawmakers could be put into a position to analyze and pass it in its individual components, including amendments to the bill that speak directly to NFTs.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>After months of teasing a new U.S. regulatory entity focused on crypto, U.S. Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate Agriculture Committee introduced bipartisan legislation on Tuesday. While the 69-page bill doesn\u2019t address NFTs, it does provide crucial information that will help determine whether a token [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-11493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What the Proposed Crypto Bill Could Mean for NFTs | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/what-the-proposed-crypto-bill-could-mean-for-nfts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the Proposed Crypto Bill Could Mean for NFTs | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"After months of teasing a new U.S. regulatory entity focused on crypto, U.S. Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate Agriculture Committee introduced bipartisan legislation on Tuesday. 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