Scott Chipolina reports in decrypt.co that "representative Don Beyer (D-VA) introduced legislation to regulate digital assets earlier this week. The legislation, titled the “Digital Asset Market Structure and Investor Protection Act,” aims to protect consumers while simultaneously promoting financial innovation.
“Unfortunately, the current digital asset market structure and regulatory framework is ambiguous and dangerous for investors and consumers. Digital asset holders have been subjected to rampant fraud, theft, and market manipulation for years,” he said.
He added that his bill would start the “long overdue process” of updating the current regulatory framework, affording “basic protections” to digital asset holders and investors.
Beyer’s legislation focuses on the traceability of all transactions, not just crypto. Those transactions which are not recorded on a blockchain will have to be reported to a “registered Digital Asset Trade Repository,” in order to “minimize the potential for fraud and promote transparency.”
Source credit and full story - https://decrypt.co/77245/us-congressman-beyer-introduces-crypto-bill-with-basic-protections-for-investors
It would be interesting to see what would be the reaction of the crypto community to this bill.
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