Chairman of the U.S. Congressional Joint Economic Committee proposes cryptocurrency-related bill

U.S. Congressman and Chairman of the Joint Economic Committee of the U.S. Congress Don Beyer proposed a cryptocurrency-related bill, the "Digital Asset Market Structure and Investor Protection Act". The bill plans to legislate to regulate the existing digital asset market structure and regulatory framework, aiming to protect consumers and promote innovation by incorporating digital assets into the existing financial regulatory structure.
Specific contents include: establishing legal definitions for digital assets and digital asset securities, and authorizing the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to have regulatory authority over this; formulating joint regulatory rules between the SEC and the CFTC to jointly provide legal certainty for the top 90% of projects in the digital asset market (by market value and trading volume); requiring unpublicly issued digital assets to be reported to registered exchanges within 24 hours to minimize the possibility of fraud and increase transparency; adding digital assets and digital asset securities to the legal definition of "monetary instruments" under the Bank Secrecy Act (BSA), formalizing the regulatory requirements for digital assets and digital asset securities to comply with anti-money laundering record and reporting requirements; authorizing the Federal Reserve to issue digital dollars, clarifying that digital assets, digital asset securities, and stablecoins are not U.S. legal tender, and authorizing the U.S. Secretary of the Treasury to allow or prohibit stablecoins based on the U.S. dollar and other legal currencies, etc.