US Senate rejected the regulatory norms proposed by the administration of Joe Biden

During a recent meeting of the US Senate, officials voted against the rules for conducting brokerage activities, which were proposed by the administration of the former president. The provisions were aimed at canceling the requirements of the internal income service (IRS), obliging decentralized finance platforms collect user data. According to representatives of the crypto industry, this is a very important step in the US government. But in order for the provisions to enter into force, the House of Representatives must answer with approval.

However, the White House emphasized that the corresponding bill will move actively, and soon it will enter the final stage. In this case, the IRS department will not receive authority to collect information about crypto -investors. It is also worth noting that the norms proposed by the administration of Joe Biden were massively criticized by representatives of the Defi industry. The fact is that profile companies work decentralized. Therefore, they do not have mechanisms that would technically ensure the collection of investors data.

The decision made by the US Senate will contribute to the development of global discussion, where the main subject will be the adoption of comprehensive and balanced rules for regulating the cryptocurrency market.

According to experts, the House of Representatives with a high degree of probability will support the position of the US Senate.

And this state of affairs suggests that the United States government changes its attitude to the issues of supervision beyond the niche of digital assets in a global context. There is also a discussion now regarding the formation of a cryptocurrency strategic reserve. However, many experts agree that from a legislative point of view, it will be difficult to implement such an initiative.

Author

Andrey Alexandrov