Senior House Republicans have formally introduced a bill that would change how crypto markets work in the U.S.
that would change how crypto markets work in the U.S., including mandating that markets regulators issue rules defining “blockchain” and “digital asset” within existing financial laws and create new rules for digital asset exchanges.Century Act," the Securities and Exchange Commission and Commodity Futures Trading Commission would be required to write digital asset-specific rules for trading platforms and exchanges.
Token issuers would have to be organized in the U.S., would have to have a business plan and not be subject to any enforcement order from the SEC in the five years before it offers a token under the exemption. The bill comes amid an unusually contentious regulatory atmosphere between the industry and markets regulators. Aside from nearly 150 enforcement actions taken by the SEC relating to digital assets, Coinbase has sued the SEC over a response to a petition for rules specific to crypto, while the SEC has its own lawsuit against the trading platform over allegations of listing unregistered securities, among other parts of the U.S. crypto giant’s business.
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