Tuesday morning we saw a wave of “Leaked” documents allegedly of the upcoming US Crypto Bill circulating on the internet that caused shockwaves around the community. What is in these pages and as a crypto investor should you be worried? Let’s find out.
Documents were shared by a twitter user by the name of slam all the shared pages had a watermark of “EMBARGOED” painted across them.
The legitmacy of these documents are however still in question but if true it does shed some light on what to expect in the upcoming regulatory US Cryptocurrency bill.
Here are the key takeaways from the bill-
Shitcoins and anonymous team projects are going to come under fire as the government believes the crypto industry is mature enough that anonymous projects cannot flourish.
DAOs, exchanges & stablecoin companies will need to be registered and pay taxes properly else they can be penalized.
A large number of assets have been reclassified as commodities.
Definition of commodities. If there is any debt, equity, profit revenue, or dividend of any variety, then the underlying asset would not be labeled as a digital asset commodity anymore.
Crypto exchanges also suffer as the compliance cost is to be risen that may indirectly result in rise of trading fees for the consumers.
Fee offsetting rules mean exchanges would have to pay the government fees, and the same would likely escalate costs.
What are your thoughts on this leaked bill? Are you in support or do you think some changes are needed. In any case this will be overall a positive for crypto in the long run as the industry has an outline to build upon when/if the bill gets approved.
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