The CVM, a Brazilian securities watchdog, is pushing for amendments to the cryptocurrency bill that will clearly define how virtual assets will be handled in the nation.
The new directive of the organization has taken an active stance, different from the previous administration, which had not made any proposals regarding this bill.
Specifically, the CVM is asking for a change in the text that would allow certain digital assets such as carbon credits, court orders, and receivables to be structured in a blockchain but not to qualify as virtual assets according to the definition of the current cryptocurrency bill.
However, these new details have not been corrected, and according to proponents of the law, there would be no opportunity for the inclusion of this new correction.
Deputy Expedito Netto, the rapporteur of the bill, told local media that he was unaware of these details but that it was not possible to change the current text of the bill.
Furthermore, Senator Carlos Portinho believes that it would be better to start a new cryptocurrency bill from scratch.
He stated:
“The industry itself revised some concepts, so it preferred to sit down and start over. We have to exercise participatory democracy. Projects like this need to be debated to arrive at a more current text and with more legal certainty. If it is approved as it currently is, it will please few.”
These differences between the bill’s authors and the Brazilian CVM officials may be too great to overcome for the existing cryptocurrency legislation.
There is a chance, though, that the time and work that politicians put into this bill won’t be for nothing.
This possibility contemplates the current iteration of the bill being sanctioned by Congress, and the executive vetoing some parts of it, changing and defining by decree some of the specifics that have been criticized.
The final discussion of the cryptocurrency bill was slated to happen in August, but Congress is focused on the next general elections to happen in October. The last period in which this project can be discussed before the elections close this September.