A new bill presented at the US Congress aims to redistribute cards in the world of cryptocurrencies. By imposing stricter transparency rules, this text aims to limit the influence of large companies in the sector and to promote more equitable participation.
Increased transparency for major players
- Reduction of the threshold for the disclosure of participations: The bill proposes to lower the threshold to 1 % from which members of a crypto project must declare their assets in Tokens, against 5 % before. This measure aims to more clearly identify the actors with a significant part of a digital asset.
- Encourage the decentralization of blockchains: by defining mature blockchain systems like those not under the common control of a person or a group, the text seeks to promote truly decentralized networks, thus reducing the risks of manipulation.
Clarification of the regulatory framework
- Distinction between digital assets and financial securities: the project introduces the term "investment contract assets" to differentiate cryptocurrencies from traditional actions. This classification would prevent the secondary sales of Tokens from being automatically subject to the laws on financial securities, unless they involve a transfer of property or profits in the underlying company.
- Role of regulators: until a network is considered sufficiently decentralized, the Securities and Exchange Commission (SEC) would be the main regulatory authority. Once the decentralization has been reached, the Commodity Futures Trading Commission (CFTC) would take over, thus offering a clear transition for development projects.
Opportunities and threats
Opportunities :
- Promote a broader and equitable participation in Crypto projects.
- Clarify the regulatory framework to encourage innovation and attract investments.
Threats:
- Risk of complexification of procedures for new projects, which can curb innovation.
- Potential opposition of large companies in the sector, fearing a loss of influence.
Conclusion
This bill marks a significant step towards a more equitable regulation of the cryptocurrency markets in the United States. By emphasizing transparency and decentralization, it could redefine the rules of the game and pave the way for a broader and more democratic adoption of digital assets.
