The Brazilian securities supervisory authority, CVM, insists on making specific changes to the cryptocurrency bill awaiting discussion in Congress. The organization wants to correct a clause in the current document in which some tokens will not be considered securities, including tokenized physical goods and carbon credits.
MP Expedito Netto told local media that it is not possible to change the current text of this bill.
Senator Carlos Portino believes that it would be better to start a new cryptocurrency bill from scratch. He said:
"The industry itself revised some concepts, so it chose to start all over again. We must use participatory democracy. Projects such as this one should be discussed in order to arrive at a more relevant text and with greater legal certainty. If the project is adopted in its current form, few people will be happy about it."
Disagreements between the authors of the bill and representatives of the Brazilian CVM may make the current cryptocurrency bill unviable. However, there is an opportunity that will allow not to lose the time and effort invested by legislators in this bill.
This possibility provides that the current version of the bill will be authorized by Congress, and the executive branch will veto some parts of it, changing and defining by decree some specific points that have been criticized.
The final discussion of the cryptocurrency bill was supposed to take place in August, but Congress is focused on the elections, which are due to take place in October. The last period when this project can be discussed before the elections ends in September of this year.
