Thread by @RichQuack

📜 New US legislation could set out crypto pathway from security status to commodity.

This will clarify & make consistent the regulatory landscape of cryptocurrencies. Bullish?
Thread🧵by $QUACK #RichQUACK
#Cryptocurrency #DigitalAssets #Decentralization #CryptoNews

1/6 🏛️ The bill facilitates discussions between Republicans, Democrats, the Senate, regulators, & the private sector on market structure reforms, addressing needs & concerns of various stakeholders $QUACK #RichQUACK

2/6 📊 Criteria for a network to be considered decentralized have been defined in the proposed legislation, including the absence of unilateral authority or substantial ownership by a token issuer or affiliated person. $QUACK #RichQUACK

3/6 🕑 Token issuers can certify decentralization to the SEC, which then has a 30-day period (with a potential 90-day extension) to object. $QUACK #RichQUACK

4/6 🏢 Guidance is provided in the draft bill on platform registration with the SEC, CFTC, or both, and mandates collaboration between the two regulators to oversee exchanges with dual registration. $QUACK #RichQUACK

5/6 🔄 During the transition period, platforms can file a provisional registration statement with the SEC or CFTC to provide regulatory clarity and enable them to operate while adhering to the evolving regulations. $QUACK #RichQUACK

6/6 🌍 This U.S. legislation is proposed concurrently with the European Union's signing into law of the Markets in Crypto-Assets (MiCA) rules, another comprehensive regulatory framework for the cryptocurrency industry. $QUACK #RichQUACK