What is known about the bill
The document was made up of 200 pages. It was called "The Law on Financial Innovations and Technologies of the 21st Century". It specifies the requirements for regulators to establish the terminology of "blockchain" and "cryptocurrencies".
Along with this, regulators are prohibited from creating rules indicating the possible form of ownership of crypto assets from citizens.
As part of the initiative, they also want to exempt crypto projects from regular registration for a while. Issuers of cryptocurrencies will be able to make an offer of coins up to $ 75 million. At the same time, the deadline is given — a year. There is also a limit on the sale to non-accredited investors.
They are also required to send data to the SEC office with annual and 6-month reports. This will be done until the project is certified as decentralized.
