Here is the best breakdown of #FIT21 that I’ve read to date.
#HR4763 #Blockchain #Crypto #Defi #SEC #CFTC #Web3
Discussion
Sounds to me like this bill isn't going to really improve anything. Sathoshi would have to register with the SEC to launch bitcoin, and they'd have 60 days to deny him. Uniswap would have to do KYC.
> ...much-needed comprehensive U.S. regulatory framework for digital asset markets.
> ...regulatory clarity needed for a digital asset ecosystem to meaningfully develop in the United States.
Statements like this always make me laugh. Is it much needed? We were building stuff just fine before they came in to pretend we need them. I don't really think we do. They need this more than anyone else.
From a #crypto perspective I agree that we don’t need regulations but regulators are going to regulate sooner or later because that’s what they do.
Where do you see that Uniswap would need to comply with AML regulations? As far as I can tell the bill indicates the opposite as it excludes #DeFi from registration.
On Satoshi, I’m not sure he would have had to register with the SEC. At least, at the point where he held less than 20% of the #Bitcoin supply, the network would have been considered decentralized and the SEC would have had 60 days to demonstrate the opposite or Bitcoin would become a digital commodities.
I don’t really know how this thing is going to play out in practice (if the bill becomes law which it hasn’t yet) considering that crypto is greatly borderless.
Again, I’m not particularly in favor of those regulations but they will happen and this one doesn’t seem too bad there are certainly still a lot of unknown especially on the treatment of stablecoins. I would say the positive of the bill is for US devs that would have much greater clarity.
Also, based on what I understand from this bill, I don’t think that the intent of the bill is to squash innovation in the #crypto industry or to make every dev an outlaw for publishing code. It also may put a halt to the blind enforcement actions we’ve seen from federal agencies. I think from a US dev perspective this bill would be a plus.