Wednesday, January 19

Was the Federal Senate’s bill to regulate cryptocurrencies forgotten?

In early November 2021, a new bill to regulate cryptocurrency companies in Brazil was presented to the Federal Senate.

Presented by Mecias de Jesus (Republicans-RR), PL No. 3876/2021 “provides for civil liability for investments in cryptocurrency“.

The proposal was one more presented in the Senate, the seat of the National Congress where three other bills are already being processed, which were almost voted on in the last sessions of the year. At the site, the projects were expected to be approved before the Chamber of Deputies, which did not happen.

Now, there is a possibility that the bill approved in the Chamber of Deputies will be appended to the proposals of the Federal Senate or vice versa.

The issue was one of the main ones for the Brazilian legislature in 2021, which saw a booming sector and the passage of the Bitcoin Law in El Salvador as some of the impulses for the rush for approval by Brazil.

Federal Senate has a bill to regulate cryptocurrencies that has not been discussed

Three more bills are being processed in the Federal Senate, currently meeting at the Economic Affairs Committee (CAE) and were supposed to be voted on on December 15th, but which ended up having its vote cancelled.

Thus, the process of an eventual regulation should only be until 2022, since the parliamentary recess has already started on December 23rd.

Anyway, the discussions currently in that house belong to the authors of the projects that regulate Bitcoin in Brazil and that are being processed together, presented by Senator Soraya Thronicke (PSL/MS), Senators Styvenson Valentim (PODEMOS/RN) and Flávio Arns (NETWORK) /PR).

Although the three projects are about to leave CAE, in November, senator Mecias de Jesus presented its proposal for the sector. According to the senator, companies that operate cryptocurrencies should have civil responsibility for investments in the sector, and should be held responsible when they prevent the withdrawal of the full balance or promote transactions without the holder’s agreement.

Senator Mecias’ bill also asks brokerage firms that act in bad faith or abuse of rights to respond jointly to the problems. In a recent article published by the party Republicans, the senator said that the Central Bank of Brazil does not observe the sector, which should change.

“Although it is called a digital currency and can be exchanged for merchandise in some establishments, cryptocurrency is not considered, legally, a currency in Brazil. The asset is also not part of the Brazilian Payment System, nor does it fall within the definition of payment arrangements by the Central Bank. For now, the BC does not even signal any intention to lead a movement for the regulation of bitcoin and other cryptocurrencies”.

What should happen to the “forgotten” bill?

With its processing stopped in the Plenary of the Federal Senate since its publication, the bill ended up being forgotten in recent public discussions, including those that permeated a public hearing in the legislative house.

There are at least two different situations that could happen with this bill when discussions are resumed in the Federal Senate. One of them is that it may be attached to the other three bills and have a joint discussion, and may be approved with the others if this is the understanding of the parliamentarians.

However, it may be considered impaired and filed by the rapporteur, if it is considered that this matter does not add much to the debate already built. After approval in the Chamber of Deputies, for example, a bill presented by Alexandre Frota and others was shelved by the rapporteur.

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