A recently introduced US bill – the “Eliminate Barriers to Innovation Act of 2021” – would create a working group composed of industry experts and representatives from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to evaluate the current legal and regulatory framework governing digital assets in the U.S. The law’s main objective would be to clarify when a particular token or cryptocurrency is a security regulated by the SEC and when it’s a commodity regulated by the CFTC. The group’s non-governmental representatives would come from a financial technology company, a financial services institution, small businesses using financial technology, investor protection groups, organisations that support investments in underserved businesses and at least one academic researcher. Within a year, this group would be required to file a report analysing current regulations, their impact on primary and secondary markets and how the regime affects the competitive position of the United States.
- EU plans to ban large anonymous transfers of cryptocurrency as an anti-money laundering measure 20 July 2021
- SFC announces Binance not licensed to sell stock tokens in Hong Kong 16 July 2021
- UAE is considering launching a digital currency 12 July 2021
- Russia to allow authorities to confiscate illegally obtained digital assets 7 July 2021
- UK regulator warns against investing with unregistered crypto companies 23 June 2021