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Senator Cynthia Lummis’ landmark crypto bill: Full Draft

The Block | Kollen Post | May 27, 2022

US Senator Cynthia Lummis - Senator Cynthia Lummis' landmark crypto bill:  Full DraftUS Senator Cynthia Lummis (R-WY) has spent months teasing details of a comprehensive bill that addresses crypto regulation. The Block has obtained a draft version dated March 1 that offers key details about the scope and impact of the bill.

The 70-page draft focuses on numerous aspects of US crypto regulation. These areas include which activities would fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC) and other federal regulators.

Extensive sections on stablecoin regulation and digital asset tax policy address many of the key blind spots in crypto regulation today.

See:  SEC Regulation: Constructing a Crypto Regulatory Framework – New Tech, Old Rules

The bill appears to place significant aspects of the US crypto industry under the auspices of the CFTC.

“Except as otherwise provided by this section, the [CFTC] shall have exclusive jurisdiction over any agreement, contract, or transaction involving a contract of sale of a digital asset that is offered, solicited, traded, executed, or otherwise dealt in interstate commerce.”

Perhaps crucially, the draft bill adds the term “ancillary asset” to the Securities Exchange Act, defining it as:

“An intangible asset that is offered, sold, or otherwise provided to a person in connection with the purchase and sale of a security through an arrangement or scheme that constitutes an investment contract.”

Read:  Yellen Renews Call for Stablecoin Regulation After Terra’s algorithmic stablecoin tumbles

Further, an ancillary asset “may include a digital asset, as defined in section 9801 of title 31, United States Code, that is used to facilitate the governance of a distributed ledger technology network or decentralized autonomous organization.

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