This is a copy of the cover of the US Constitution.
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The 1776 American Declaration of Independence (from Great Britain) was a revolution, but it took another fifteen years before the Constitution was adopted in 1791, the ultimate constitution for citizens. Drafting the constitution itself took five years and nine months, from March 25, 1785 to January 10, 1791.
The Bitcoin network was founded on January 3, 2009, when Satoshi Nakamoto mined the chain’s starting block, known as the genesis block. In honor of Bitcoin’s 16th anniversary, and the favorable crypto winds of change blowing in the new incoming US administration, a Crypto Bill of Rights has been drafted, in a manner the ‘crypto-founding Fathers’ might have it written.
Let’s hope that after the Bitcoin revolutionThis bill will help accelerate American policy thinking, legislative implementation, and implementation of proportionate regulations in a shorter time than it took to agree on the final draft of the Constitution in 1791.
The Constitution for a Crypto Bill of Rights for the United States of America
We, the people of the United States, in order to form a more perfect market for financial services, establish greater financial justice, ensure greater domestic financial stability, provide for the common economic defense, the overall financial to promote prosperity and secure the blessings of economic and economic prosperity. financial freedom for ourselves and our posterity, decree and establish this Crypto Bill of Rights for the United States of America.
Article. I. Regulatory Authorities: We need to clearly delineate which regulator is responsible for crypto, bringing clarity to the crypto and digital asset markets and placing them within the appropriate securities or commodity frameworks. This clarification should also include measures to support broader dematerialization and clarification of crypto’s legal status as a digital hygiene factor for US markets.
Article. II. Banking supervision: We must immediately solve the crypto-de-banking problem – the US must implement provisions to protect against automatic denial and automatic account closure, and the industry must also develop a clear and fair appeals and justification process for the identified ‘risk’.
Article. III. Judicial Department: We need to develop appropriate and proportionate prudential standards to ensure financial stability and risk management as crypto assets are integrated into the financial services sector. This should include rolling back discriminatory and disproportionate policies, such as the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121, that are inconsistent with broader prudential requirements and also undermine consumer protections. Specific stablecoin legislation should set out clear guidelines for market conduct that ensure that stablecoins maintain price stability, are fully supported, and that systemic risks are mitigated. Stablecoins are currently a $200 billion dollar market and are the current killer app, providing the fiat to digital on- and off-ramps for Web3. The US must promote growth and take the global lead as a hub for their issuance and integration into global payment systems.
Article. IV. States and citizens: Standards of market conduct, including requirements for consumer and investor protection, must be set by U.S. regulators. Both retail consumers and the US private sector should be empowered to choose the new crypto products that best suit their personal and business needs. Innovation should not be limited by overly strict requirements for crypto and other new technologies.
Article V Digital government: The public sector and regulators must be equipped with new products including DLT, crypto and other revolutionary new technologies to bring the knowledge and benefits of ‘digital’ to agencies and government, and for a complete and holistic digitalization of the US. ecosystem of financial services will take place. Industry should support and where possible co-finance agency innovation hubs in partnership in the development and implementation of these digital technologies.
Article. VI. Equal opportunities: Education, supported by a cooperative public and private sector, must be a priority so that American citizens and businesses can benefit from the new jobs and opportunities created by crypto and new technologies, while also reducing the risk of jobs lost by digitalization disappear. .
Article. VII. Fair enforcement: US regulators should create clear Anti-Money Laundering (AML) and Know Your Customer (KYC) and Counter Terrorism Finance (CFT) requirements for crypto, in line with international standards such as the Financial Action Task Force (FATF) guidelines, and the use existing financial services cyber guidelines for cryptocurrencies in an appropriate and proportionate manner to best prevent illegal activities. Tax reporting guidelines and requirements should be developed that are transparent, feasible and fair. These should not impose excessive requirements that have a punitive effect on retail consumers or wholesale markets.
Article. VIII. Decentralized rights: Proportional DeFi guardrails need to be developed, but in a way that recognizes that this technology and the digital financial market are still evolving. There should also be a clear distinction between the technology itself and open source code versus financial products and activities. The US should consider leveraging access to the DeFi ecosystem, such as regulated entities and exchanges, when implementing guidelines, as well as future solutions such as broader adoption of digital ID, with a focus on regulating counterparties’ activities, and not on the technology itself.