The United States will establish legislation to assess the legal status of existing assets and proceedings.

According to Coindesk, the US Congress will soon try to explain digital heritage. Republican Congressman Patrick McHenry (North Carolina) and Democrat Stephen Lynch (Massachusetts) on Tuesday announced the Bill on job creation by representatives of the US Securities and Exchange Commission (SEC) and future products. The Business Council (CFTC) examines the legal process and regulation of existing digital assets in the United States.

The three sponsors are Republican Congressman Glenn Thompson (Pennsylvania), Ted Budd (North Carolina) and Warren Davidson (Ohio).

The main objective of this bill is to establish the "Innovation Barriers Act 2021" to clarify when the SEC makes decisions when cryptocurrency is defined as security and when cryptocurrency is defined as a commodity. The duration is governed by the CFTC.

Under the bill, Congress will establish a task force made up of representatives from the SEC and CFTC within 90 days of the bill being passed. Non-government organizations include information technology companies, financial aid agencies, small technology companies, trade protection groups, and other stakeholders that encourage investment in nonprofit businesses. , and at least one expert.

The bill requires the team to submit a report within one year to review current policies, their impact on primary and secondary markets, and the impact on existing processes. has been for the race for jobs in the United States. The publication will also cover legal issues related to governance, self-regulation and network security issues, and what are the best strategies for preventing future fraud, protecting merchants and other related issues. The declaration is expected to include recommendations for the development of primary and secondary digital business resources, including “fairness, order, fairness, efficiency, a transparent, available and efficient package”.

Amy Davine Kim, policy director of the Digital Chamber of Commerce, said the policy aims to create better governance and better governance for digital assets in the United States.

Kim said, "We will work with the SEC and CFTC to find ways to resolve some of the key issues affecting the legal process in this region. We will now address these issues as I have had the opportunity to work with some parties. stakeholders. "

Representative Don Beyer said the bill was due to be announced for the first time on Monday and would be voted on by all members of the House, in part thanks to broad support. However, the issue was postponed by the Liberal caucus, forcing the election of a non-competitive bill.

In the crypto space, US laws and regulations have been declared flawed, there are no clear rules under which certain types of cryptocurrency can be considered safe, and some past SEC practices. We have provided various guidance for this. SEC Chairman Hester Peirce has tried to fix the problem by 2020. He once said that making crypto plans a safe haven for three years. In other words, crypto startups will have a good three-year timeframe from their first token release to achieve a level of decentralization sufficient to pass the U.S. Supreme Court's corporate security test.