Brazilian Legislators to Debate Cryptocurrency Bill After One-Month Postponement

Next week, the Chamber of Deputies will discuss the Brazilian cryptocurrency law, a project that aims to control the activities of cryptocurrency exchanges and custody agents as well as create clear guidelines for mining. On November 22, the law will be considered after it was put on hold before the general election that took place on October 20.

The bill is the fourth item on the list of items to be debated in that session; if the chamber determines that it is important, it may be discussed and put to a vote. Nevertheless, deputies have the authority to alter the day’s schedule and postpone the bill’s consideration, as has previously been the case.

According to local news, due to the legislation that is currently being reviewed in the Senate, there may be a window of opportunity for the proposal to be discussed. The takeover by President Lula may result in significant modifications to the budget law for 2023, requiring attention from both chambers, but other prominent players have chosen to ignore this possibility.

The circumstances surrounding the suspension of withdrawals and the eventual bankruptcy of FTX, one of the largest cryptocurrency exchanges, caused various figures in the Brazilian cryptocurrency business to discuss the significance of the bill’s adoption.

The CEO of 2TM, the holding company for Mercado Bitcoin, one of the main exchanges in Brazil, Roberto Dagnoni, said:

“If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.”

Brazilian Investors One of the Worst Affected by FTX Fallout

Brazil is one of the nations that has been most negatively impacted by the FTX disaster. Brazil would be the ninth most affected country on the list, according to Coingecko’s calculations, and its citizens have already organized to file lawsuits in several countries. Customers who spent more than $100,000 on the exchange would be included in a proposed class action lawsuit in an effort to recover some of the losses.