US Governors Create Two New Crypto-Related Bills
Bill for cryptocurrency clients’ security and Proof-of-Readiness was created by US lawmakers.
The proposal for a better regulation
NY Democrat party member R. Torres presented a straightforward bill that was meant to add some adjustments and improvements to the more general law-creation direction.
He was said to have presented a bill that would forbid cryptocurrency exchanges from using their clients’ finances in risky trading deals.
They will also have to present all the necessary trading info to the government regularly. According to Torres, the new bill is meant to become an addition to other cryptocurrency laws.
In general, the laws introduced a new system to protect crypto users. Without the customer’s permission, crypto-related traders are not allowed to loan, purchase, or combine customer funds.
The second statement describes that a crypto-related trader, which might use a client’s fund to gain profit, has to submit all of its trading info to the US state authorities.
This all includes details about the trader’s actions at the moment when the info was presented and in the course of the past several weeks or more.
The details plan for crypto-regulation improvement
Moreover, it also has to include information on the trader’s trading deals and management of assets as well as the money it currently possesses. The House Financial Services Committee received the new bill just a couple of days ago.
In the U.S, cryptocurrencies are still legal, Torres stated at a meeting with the media reporters, but it needs to be carefully regulated.
He has previously expressed his pro-crypto position and also wrote an editorial for a New York newspaper outlining the great example of financial management that cryptocurrencies tend to provide.
Nevertheless, he also sent a message to the GAO asking for an investigation into the department’s misdoings and the lack of a chance to defend investors from FTX’s misdirection and misconduct.
The legislation introduced by Maxine Waters and Patrick Henry, as well as others, may be compatible with Torres’ proposal.
In addition, the U.S. created a list of 20 proposed bills in Congress that could have an impact on cryptocurrencies as well as blockchain system.