Leaked copy of US draft bill shows DeFi and DAOs under regulatory lens
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The draft bill proposes to eliminate anonymous crypto projects, with DAOs, DeFi and exchanges required to legally register in the United States.
A leaked copy of a United States draft bill concerning cryptocurrency started doing the rounds on Twitter earlier on Tuesday. The 600-page copy of the leaked bill highlights some of the key areas of concern for regulators including decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAOs) and crypto exchanges.
User protection seems to be the primary focus of regulators, with policies intended to require any crypto platform or service provider to legally register in the U.S, be it a DAO or DeFi protocol.
This could highly curtail chances for anonymous crypto projects to progress in the United States. Any crypto platform not registered in the country would be liable for taxes, and the definition of DeFi still seems vague.
The leaked draft bill also tries to offer more clarity on securities laws as they relate to digital assets, a demand that has been persistent from the crypto community and lawmakers alike. According to the Commodity and Futures Trading Commission’s definition of a commodity, if there is any debt, equity, profit revenue or dividend of any variety, then it is expressly not a digital asset commodity.
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