Crypto influencer Sam discusses a new crypto bill from Senator Lummis that seeks to provide greater clarity to the largely unregulated digital assets industry. The bill stipulates that the SEC will regulate digital assets classified as securities and the CFTC will oversee those that receive the commodity stamps. In order to be classified as a security, the digital asset must provide the holder with either a debt or equity interest in the business entity, liquidation rights, entitlement to interest or dividend payments, profit or revenue share, or any other financial interest in the entity. Disclosures must be filed with the SEC twice a year for non-decentralized digital assets. The bill is 69 pages long and may be broken up for review and passing in smaller parts.
New Crypto Bill: What You Need to Know
Hi everyone, it’s Sam. Today I want to share with you some interesting information about the new crypto bill proposed by Senator Loomis. This bill could change the way you invest in cryptocurrencies, so keep reading to find out more.
The Importance of FTX’s Growth
Before we dive into the bill, I want to mention FTX. As a partner of theirs, I can personally vouch for their excellent trading platform. FTX is one of the few companies that is still growing and hiring during these uncertain times. They offer a user-friendly interface and support a wide range of cryptocurrencies. Check out the link below to get started and receive free crypto on trades over $10.
The State of the Crypto Market
Now, let’s talk about the current state of the crypto market. We recently experienced a dip due to concerns about potential legislation from Bitcoin maximalists. However, the bill has since been released and it appears to be favorable to altcoins. Bitcoin continues to be a solid investment due to its limited supply, but altcoins are also worth considering.
The Coin: The Responsible Financial Innovation Act
The new crypto bill, known as The Coin: The Responsible Financial Innovation Act, is 69 pages long and seeks to encourage responsible innovation by integrating digital assets into existing laws. Here are some of the key highlights:
- The SEC will regulate digital assets classified as securities
- The CFTC will oversee those that receive the commodity stamps
- Digital assets that provide the holder with a debt or equity interest in a business entity, liquidation rights, or other financial interests in an entity are classified as securities
- Digital assets that are not fully decentralized and which benefit from entrepreneurial and managerial efforts that determine their value, but are not debt or equity, are not classified as securities as long as disclosures are filed with the SEC twice a year.
Overall, the bill is more lenient on altcoins than many expected. It acknowledges that some altcoins may be more akin to commodities than securities and requires disclosures for those that do not fall under the traditional securities classification.
CPI Data Coming Out on Friday
Finally, one last reminder that CPI data is coming out on Friday, which could have an impact on the market. Keep an eye out for any developments.
That’s all for today. Thanks for reading and please hit the like and subscribe buttons if you found this article helpful. Happy investing!