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The Brazilian cryptocurrency bill, which was sidelined several times due to the electoral vote that took place on October 30, could be debated and voted on within the following week. According to reports, the project identified as 4.401/2021 will be on the agenda to be discussed by the Chamber of Deputies, marked as urgent and listed to be discussed on November 22.
The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custodians, as well as establish clear rules for cryptocurrency mining, will be on the agenda of the Chamber of Deputies next week. The bill, which was shelved before the general vote that took place on October 20, will be considered on November 22.
The bill can be debated and voted on if the chamber finds it to be of importance, as the document is the fourth item on the list to be debated in that session. Nevertheless, deputies can change the agenda for the day, and postpone the consideration of the bill, as has happened on several occasions in the past.
According to local reports, there may be a window of opportunity for the project to be discussed, due to the laws currently being debated in the Senate. However, other key players have disregarded this possibility, as President Lula’s takeover could bring important changes to the 2023 budget law, which require attention from both chambers.
The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the largest cryptocurrency exchanges, prompted several personalities in the cryptocurrency industry in Brazil to touch on the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the largest exchanges in Brazil, stated:
If there is a good side, it will be that it gets the law priority. The rules that currently exist have not been applied to any players, so they can do whatever they want. This (law) would change a lot.
Brazil is one of the countries that has been more affected by the FTX debacle. Per Coingecko’s numbers, Brazil would be the tenth most affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action would group customers with more than $100,000 on the exchange to try to recoup some of the losses.
What do you think about the new possibility of the Brazilian Congress to approve the cryptocurrency bill? Tell us in the comments section below.
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