GM Brew Crew, remember how clutch google translate was in your foreign language classes? Let us be your google translate for the crypto space to put things into simple terms. Let’s dive in ⬇️

On the menu today:

• McHENRY-THOMPSON CRYPTO BILL RELEASED 🚨

• SNOOP DOGG GETS HIGH ON NFT’s POTENTIAL 💨

• CAN BINANCE & THE SEC AGREE ON ANYTHING? 👀

Today’s Charts:

McHENRY-THOMPSON CRYPTO BILL RELEASED 🚨

House of Financial Services Committee Chair Patrick McHenry and Agriculture Committee Chair Glenn Thompson proposed a crypto market structure bill that introduces the creation of a new asset class called "digital assets."

• This new asset class includes crypto tokens that are initially classified as “digital commodities” or as “restricted digital assets” that eventually transition into digital commodities once they become truly decentralized.

• Restricted digital assets would still be considered securities under the Howey Test, which is the legal test in the U.S. to determine whether a transaction meets the criteria of an investment contract (security).

• If a crypto token issuance satisfies six qualifications outlined in the bill, a moderate set of disclosure requirements would apply. Once these restricted digital assets mature into digital commodities, they would be cleared from securities laws.

SNOOP DOGG GETS HIGH ON NFT’s POTENTIAL 💨