Will it mark a new era for digital currency? –

This week, the US House of Representatives will vote on two key cryptocurrency bills: the Central Bank Digital Currency (CBDC) Anti-Surveillance Law. (HR 5403) and the Securities Clarity Act (HR 4451), both of which could change the face of US crypto regulation.

The CBDC Anti-Surveillance Act is designed to impose strict limitations on the Federal Reserve’s involvement with CBDCs.

It States“A Federal Reserve Bank shall not offer a CBDC, or any substantially similar digital asset under any other name or label, indirectly to an individual through a financial institution or other intermediary.”

The bill aims to prevent the Federal Reserve from issuing CBDCs directly to individuals, thus limiting its powers regarding digital currency. This measure is apparently intended to protect citizens from potential financial surveillance and excessive government intervention in the realm of digital currencies.

In the meantime, the Securities Clarity Act– introduced in May 2023 – would outline and distinguish between the underlying investment contract that governs the actual issuance of the token and/or cryptocurrency itself and the token instrument.

According to Forbes, “This bill would state that even if a transaction of an investment contract (the offering) has taken place, the asset of the investment contract (the token) need not automatically become a security.”

Both of these legislative measures aim to establish a clearer regulatory framework for digital assets and address concerns related to financial surveillance and government control.

Far-reaching implications for US crypto regulation

The House of Representatives’ upcoming decisions on the cryptocurrency bill could have far-reaching implications for the cryptocurrency industry, particularly the Central Bank’s Anti-Surveillance of Digital Currencies Act.

By establishing clearer regulatory guidelines and protecting individual privacy, these bills could pave the way for greater adoption and integration of digital currencies into the mainstream financial system in the United States.

Investors, politicians and industry players will be closely monitoring the results of the vote. The passage of these laws could mark a significant milestone in the evolution of digital currency regulation, setting a precedent for other countries to follow.

In a letter written to Congress, Americans for Tax Reforms (ATR) wrote: “Cryptocurrencies have been illegally denigrated by the Securities and Exchange Commission (SEC). The securities regulator attempted to create false narratives to justify a political agenda.”

“Furthermore, the adoption of distributed ledger technology (DLT), which is the decentralized foundation on which many cryptocurrencies are built, could revolutionize not only finance but also supply chain management, healthcare and real estate “ATR said, recommending DLT.

TO EXPLORE: Buy and use Bitcoin anonymously/without ID

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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