United States of America: Introduced Responsible Digital Asset Advertising Act of 2023 (S 1357)

On 27 April 2023, the Responsible Digital Asset Advertising Act of 2023 (S 1357) was introduced in the United States Senate. The Act aims to increase transparency and accountability and outlines obligations for digital asset intermediaries, defined as entities holding a license, registered or authorised to engage in activities related to digital assets based on the Commodity Exchange Act and Securities Act. In particular, the Act would require digital asset intermediaries to disclose conflicts of interest, refrain from using "false, exaggerated, unwarranted, promissory or misleading" claims in their advertisements, clarify the relationship between past performance and future returns, and provide accurate information about hidden fees.