The new cryptocurrency law will completely change the use of cryptocurrencies in the United States. If it was approved, which is highly likely, then US citizens will completely lose anonymity and freedom. Exchanges will be more monitored and everything will be under even greater control than before. Powers are to be increased mainly by regulators.
What does this law bring?
58-sided “Digital Assets Market Structure Act and Investor Protection Act”, which Beyer proposed on Thursday, seeks to create a very strict regulatory regime for digital assets. It should clearly specify which cryptocurrencies will be securities and which can be treated as commodities. The tax office, which will control all crypto exchanges, transactions and user activities, will also have much higher powers. Something similar to EU forex trading.
Under the provisions of the Beyer Act, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) they had to define more precisely to which category and jurisdiction cryptocurrencies fall. Not only cryptocurrencies but also, for example, ICOs and IPOs should be defined.
The next part of the bill extensively states in which category stablecoins will fall. According to its conditions, the Ministry of Finance should have supervision and the right of veto over the creation and use of all stablecoins in the USA.
A big attack on anonymity
Under the new Bill Act, all anonymous exchanges, wallets and cryptocurrencies will be prohibited. All institutions and companies that provide such services will be required to collect data from users in order to do so assign each transaction to a given person. They will have to collect all these movements on their wallets and report them regularly to the tax office.
