New proposal: biggest crypto regulation America has ever seen

One US lawmaker has just unveiled his plans to introduce the most sweeping and far-reaching crypto regulation policies America has ever seen

Known as the “Digital Asset Market Structure and Investor Protection Act”, it has been introduced by Democrat Don Beyer.

If passed, the bill will allow the Treasury Secretary to oversee the creation of stablecoins, direct regulators when it comes to decentralised finance and even create a crypto-exchange charter.

Unlike previous attempts to regulate crypto, this bill appears to be fairly wide-ranging and covers a number of issues at one time.

It comes as the US Senate moves to finalise Biden’s $1 trillion infrastructure package which includes provisions that will increase crypto reporting requirements – in a bid to raise around $28 billion in tax.

However, the infrastructure package has a narrow focus on crypto and is far less sweeping than this latest Digital Asset Act.

Law firm Axler Goldich told Coindesk “for a proposed legislation that seemingly came out of nowhere, it is incredibly comprehensive and the authors clearly have an understanding of the underlying technology”.

Beyer’s bill is the second crypto-related legislation to be introduced this week as lawmakers become increasingly focused on regulating the sector.

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