A batch of documents with the watermark ‘EMBARGOED’ began to go viral online on Monday evening. Although the authenticity of the document has not been verified, it is alleged that the original document of the US Crypto law has been leaked. There are claims that it’s a 600+ page document.

However, the documents seem to shed more light on some regulatory clarity that will govern various aspects of crypto transactions and their treatment.

As stated in the document, DAOs, exchanges, and stablecoin providers will need to register as legal companies and there will be penalties attached for non-compliance.

Furthermore, the document clarified the status of several crypto securities and also provides explicit regulations about them. In the alleged leaked documents, it is reported that a good number of assets have been reclassified as commodities.

It was also interesting to note that in those documents if an underlying asset has any debt, equity, profit revenue, or dividend, it would no longer be referred to as a digital asset commodity.

The leaked documents also suggest that the transparency laws around crypto businesses have been strengthened and so anonymous crypto businesses will be almost impossible to prosper in the United States.

Also established in the documents were separate restrictions regarding cryptocurrency exchanges and in addition to that, the bankruptcy definitions have been modified.

Featured image source: Coinpedia.

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