Regulators appear to be prioritizing user protection, with laws requiring any crypto platform to register lawfully in the United States.
A leaked copy of a United States draft bill concerning cryptocurrency started going rounds on Twitter earlier on Tuesday.
The 600-page copy of the leaked bill highlights some of the key areas of concern for regulators including decentralized finance (DeFi), stable coins, decentralized autonomous organizations (DAOs) and crypto exchanges.
Regulators appear to be prioritizing user protection, with laws requiring any crypto platform or service provider, be it a DAO or DeFi protocol, to register lawfully in the United States.
This might severely limit the advancement of anonymous crypto initiatives in the United States. Taxes would be levied on any crypto platform that was not registered in the country, yet the definition of DeFi remains ambiguous
The leak of the document on Monday had generated discussions among the cryptocurrency community on Monday, with many users weighing on the pros and cons of the bill if assented to.
For many, this would mean stricter measures by regulators while for a host of others, the unclarified loopholes in the bill would be of great advantage to investors.