US Crypto Bill Allegedly Leaked, Requiring DAOs, Exchanges and Stablecoin Providers to Be Registered Entities

The US Crypto Bill has been allegedly leaked on Twitter. According to the leaked documents, crypto is allowed in the US, but will be strictly regulated. DAOs, exchanges, and stablecoin providers would have to become registered entities. If not, they would be viewed as personally taxable. A host of assets have been re-classified as commodities under the CFTC. If there is any debt, equity, profit revenue, dividend of any variety, then the underlying asset would not be labeled as a digital asset commodity. The bankruptcy definitions have been changed. Assets deposited would get returned to users and not liquidated. In addition, depository institutions will be given the right to issue stablecoins.