justice

A New Law Affecting the Crypto Industry Might Be Approved in the US

News
Reading Time: < 1 minute

Some US senators have introduced a bill that if approved would change the filing requirements for all crypto-related companies.

The law, which would also clarify the definitions of some crypto-related terms, would make it easier for cryptocurrency companies to report on their activities.

While the law simply wants to make things easier for crypto companies, some of the definitions provided in it are quite controversial. For example, the document describes a “broker” as a person who sells or buys digital assets. However, this definition is not 100% accurate, as third parties, including mining companies, which are actually not mentioned anywhere in the bill, also carry out this process. As a result, this law will not be used to regulate any transactions in which a crypto miner sells his/her assets.

Nonetheless, we should not forget that we do not know if this is the final draft of the bill, meaning that some changes might still be implemented.

If you like our content and want to support us, please follow us on Twitter, Facebook and Instagram and don’t miss the latest news!