This is a copy of the cover of the US Constitution.
The United States’ Declaration of Independence (from Great Britain) in 1776 was a revolution, but it took another 15 years until the Constitution, the citizens’ ultimate bill of rights, was adopted in 1791. The drafting of the Constitution itself took 5 years and 9 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, called the genesis block. In honor of Bitcoin’s 16th anniversary and the favorable crypto winds of change blowing in the new US administration, a Crypto Bill of Rights has been created, in a manner like the “crypto founding fathers.” may have written.
Let’s hope that after the Bitcoin revolution, this bill will help accelerate political thinking, implementation of laws and implementation of proportional regulations in the US, in less time than it took to pass the final draft Constitution in the year 1791 was required.
The Constitution for a Crypto Bill of Rights for the United States of America
We, the people of the United States, to create a more perfect financial services market, to establish greater financial equity, to ensure greater domestic financial stability, to provide for the common economic defense, to promote general financial well-being, and to reap the blessings of the economic and social condition In order to grant financial freedom to us and our posterity, enact and enact this Crypto Bill of Rights for the United States of America.
Article. I. Supervisory authorities: We need to clearly delineate which regulator has jurisdiction over cryptocurrencies in order to bring clarity to the cryptocurrency and digital asset markets and place them within appropriate securities or commodity frameworks. This clarification must also include measures to support greater dematerialization and clarification of crypto’s legal status as a digital hygiene factor for US markets.
Article. II. Banking supervision: We must solve the crypto de-banking problem immediately – the US must introduce provisions to protect against automatic rejection and automatic account closure, and the industry should also develop a clear and fair appeal and justification process for the identified “risk”.
Article. III. Judicial Department: We need to develop appropriate and proportionate supervisory standards to ensure financial stability and risk management as crypto assets are integrated into the entire financial services industry. This must include reversing discriminatory and disproportionate policies such as the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121, which are inconsistent with broader regulatory requirements and also undermine consumer protections. Specific stablecoin laws must establish clear market conduct guidelines that ensure stablecoins maintain price stability, are fully collateralized, and mitigate systemic risks. Stablecoins are currently a $200 billion market and are the current killer app that delivers the fiat to the digital on-off ramps for Web3. The US must support growth and lead the world as a hub for their issuance and integration into global payment systems.
Article. IV. States and citizens: Market conduct standards, including consumer and investor protection requirements, must be established by U.S. regulators. Both retail customers and the U.S. private sector should have the opportunity to select the new crypto products that best support their personal and business needs – innovation must not be limited by overly stringent 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 “digitalization” to agencies and government and achieve a complete and holistic digitalization of the United States achieve An ecosystem for financial services should be created. Industry must support and, if possible, co-finance the agencies’ innovation centers 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 U.S. citizens and businesses can benefit from the new jobs and opportunities created by crypto and new technologies, while mitigating the risk of jobs that could be lost due to digitalization.
Article. VII. Fair Enforcement: U.S. regulators must establish clear anti-money laundering (AML), know your customer (KYC), and terrorist financing (CFT) requirements for cryptocurrencies, consistent with international standards such as Financial Action Task Force (FATF) guidance expand existing cyber guidelines for financial services to be appropriate and proportionate for crypto in order to best prevent illegal activities. Tax reporting policies and requirements must be developed that are transparent, achievable and fair. These must not contain excessive requirements that are punitive either to end users or to wholesale markets.
Article. VIII. Decentralized rights: Appropriate DeFi guardrails need to be developed, but in a way that recognizes that this technology and digital financial markets are still evolving. There also needs to be a clear distinction between the technology itself and open source code vs. financial products and activities. When implementing this, the US must consider leveraging access to the DeFi ecosystem such as regulated companies and exchanges.
