A leaked copy of the U.S. cryptocurrency bill began circulating on Twitter today. The 600-page copy of the leaked bill revealed some key areas of concern for regulators, including decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAOs), and cryptocurrency exchanges.

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User protection appears to be the main focus of regulators as the policy aims to oblige any crypto platform or service provider to undergo legal registration in the US, be it a DAO protocol or DeFi.

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This can greatly reduce the chances of anonymous crypto projects to develop in the US. Any crypto platform not registered in the US will incur taxes. The definition of DeFi still seems vague.

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The leaked bill also attempts to bring more clarity to securities laws as they relate to digital assets, which is an ongoing requirement from both the crypto community and lawmakers. According to the definition of a commodity adopted by the Commodity and Futures Trading Commission, if there is any debt, capital, income from profits or dividends of any kind, then it is clearly not a commodity of a digital asset.

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The new bill proposes to increase the costs of compliance with the rules of the exchange, which, in turn, may lead to an increase in fees for the exchange. Any protocol or platform that trades at least one digital asset will be classified as an exchange, meaning that automated market makers fall under the same category.

The bill also ensures that exchanges cannot liquidate user funds in the event of bankruptcy. Exchanges must also publish terms of service that consumers agree to before using their services.

The leaked bill proposes a clear policy to bring the nascent cryptocurrency market under the law. Many experts believe that while the policies listed encourage strict oversight, it’s important to note that this is just a bill.

Dogecoin co-founder Billy Markus also commented on the leaked bill and suggested that the new policy would be tough on DeFi, DAO and anonymous projects.