Crypto industry advocates had previously stated that a crypto bill they had come across would “kill DeFi.” The controversial legislature has seen an updated draft being released online.
Initial reactions seemed positive, with commentators raving on about how the U.S. is “finally getting their act together.”
The bill is named the Digital Commodities Consumer Protection Act (DCCPA), with an updated version currently circulating online. Tones have once again changed with some voices suggesting that it could be positive for DeFi and crypto.
The previous draft amassed heavy criticism from industry representative bodies for not watering down the definition of “digital commodity platform” which could be misinterpreted as a ban on DeFi.
The 31 page draft bill was shared by Gabriel Shapiro, acting as Delphi labs’ general counsel. The draft was made publicly available online to initiate talks in an open and transparent manner.
The lawyer drew to attention a section amending the definition of a “digital commodity trading facility” excluding persons who develop or publish software, citing it as a possible catalyst DeFi and crypto.
“Notably, this version contains a limited exception to the term “digital commodity trading facility” which would exclude persons who solely develop or publish software, this could be a boon to DeFi/crypto” Shapiro said in a statement.
Martin Hiesboeck, head of research at crypto exchange UpHold, tweeted that the current draft is in step and in tune to regulations in the E.U and the U.K with him hinting that the U.S is finally getting their act together.
The Decentralized autonomous organization (DAO) noted that the bill creates a “compliance architecture that precludes the concept of a system of smart contracts operating decentralized infrastructure with little or no reliance on human activity,” as it required people to enforce compliance with the regulations.
There had been a string of calls for regulatory clarity regarding digital assets in the United States with other voices even advocating for the U.S congress to pass legislation defining commodities and giving jurisdiction to the CFTC.