The US legislature wants regulate cryptocurrencies This is not a punishment proposal, but rather an attempt to give a clear legal perimeter to cryptocurrency speculation activity, in the interest of the investors themselves.

The Proposal – Nicknamed Responsible Financial Innovation Act – was presented to the Senate and signed by Senators Kirsten Gillibrand and Cynthia Lummis, a Democrat and a Republican respectively. Bipartisan support for the bill should ensure it is passed without much resistance.

RIFA first sets itself the complicated goal of giving legal definitions clear for cryptocurrencies and all other products related to blockchain technology. To begin with: they are goods or effects The former can be translated as commodities, such as gold, the latter are all other financial products. The difference is important as they are subject to different rules and regulatory bodies, but current US case law is not very clear.

Resolving this issue would mean taking the mind off companies and investors who would finally know which rules (especially of a tax nature) they have to comply with without uncertainties and risk of unpleasant misunderstandings.

The bill also wants regulate the so-called stable coinsie those cryptocurrencies whose value should (in theory) be firmly anchored to that of another asset – in fact a fiat currency, such as the dollar.

This is not a statement of hostility to cryptocurrencies, the proof is that the law also proposes the creation of what the lawmakers “a sandbox– regulation, funding and government agencies – to improve government research on digital assets and blockchain technology.

The Responsible Financial Innovation Act also requires the CFTC and SEC to have special sections responsible for overseeing the cryptocurrency market.

Source: Lega Nerd

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