End of year for US blockchain policy: 35 cryptocurrency plan, risks for unknown money

The blockchain introduction bill prepared by the US Congress mainly focuses on three topics: the regulation of cryptocurrencies, applications of blockchain technology, and digital banking transactions (CBDCs).

As 2021 draws to a close, the 117th US Congress has drafted 35 cryptocurrency and blockchain legislation bills for 2021. Among them, the “Infrastructure Investment and Employment Act” (HR 3684), which has passed in November this year, received a lot of attention, and discussion of the bill's encryption rules continued.

The blockchain bill, cited by the US House of Representatives, would focus on three areas: business administration, blockchain technology, and central bank Digital Banking (CBDC) .

Specifically, in terms of cryptocurrency policy, it focuses on how regulators such as the SEC and CFTC regulate cryptocurrencies and blockchain tokens.

The first is the "Law on Investment in Infrastructure and Jobs".Under the preliminary law, the scope of the term "broker" for the taxation of cryptocurrencies was controversial, with Bitcoin miners, software and hardware vendors and others subject to tax. Shortly after the law was announced, U.S. Senate Treasury President Wyden and Senator Toomey submitted changes to the cryptocurrency tax bill. The amendment seeks to remove miners and software developers from the context of the crypto “broker”, but the amendment has not yet passed.

The second most important policy adopted by the House of Representatives was "deprivation of protection for the new law" (HR 1602)., bill sponsored by both parties. This measure was developed to create the Digital Instrument Partnership between the SEC and the CFTC. The task of the working group is to develop recommendations to improve the current regulatory environment in the United States and to expand these policies. The global state of the international relations crypto industry. The bill is currently under review.

In response to the worsening problem of ransomware and cybersecurity issues,US lawmakers have declared two bills, the "Ransom Disclosure Act" and the "Ransomware Sanctions and Prevention Act".It aims to improve the U.S. government's understanding of how cybercrime activity works and to help public officials better understand the threat posed by ransomware.

In addition,Current legislation, such as the Financial Protection Act, the Digital Product Industry and Consumer Protection Act, the Safe Liquidation Act, and the U.S. Virtual Currency Market Act and Regulatory Competitiveness of 2021. Consumer Protection Act 2021 ", etc.

When it comes to the use of blockchain technology, the focus is on how to promote blockchain technology within the US government so that it can be more widely used in other areas of the industry.

This year, lawmakers enacted laws such as the “2021 Blockchain Promotion Act”, the “Blockchain Innovation Act” and the “2021 Blockchain Technology Adjustment Act”.Among them, the “Blockchain Innovation Act” would oblige the Fair Trade Commission to draft a statement on the role of blockchain in consumer protection.

The two sides were also re-represented by US representatives Tom Emmer and Darren Soto.Blockchain Regulatory Security Act(Blockchain Regulatory Certainty Act) Changes and improvements to blockchain procedures affected by the Financial Action Task Force (FATF).

It was co-sponsored by representatives from French Hill and Bill Foster from Central Bank Digital Currency.Central Bank Digital Currency Research Act, 2021, tells the Fed to start researching CBDCs. In addition,There is also a bipartisan bill called the “21st Century Dollar Act”.asked.

However, when it comes to digital advantages, Fed Chairman Powell reiterated that digital money is a viable option, and the Fed has a responsibility to understand the economic issues. lead. . But that doesn't mean the Fed should be faltering in numerical terms. "