04-30-2021, 04:56 AM
DD: No, Germany did not (yet) pass a new law that would allow thousands of instituti
<!-- SC_OFF --><div class="md"><p>There are a few posts flirting with the frontpage claiming that <em>"Germany has passed a new law that would allow thousands of institutional investment funds to invest in</em> <em>cryptocurrency</em>". This is wrong.</p> <p>​</p> <p>I had to dig around a little bit to find an updated and clear source, not to mention find the law itself. <a href="https://www.coindesk.com/proposed-legislation-in-germany-could-allow-425b-to-flow-into-crypto-report">I came upon this Coindesk article and I quote: <em>"The bill, which was approved by Germany’s parliament last week, is expected to take effect on July 1 if it is approved by the upper house, the Bundesrat."</em></a></p> <p>​</p> <ul> <li>The law was approved by the German Bundestag (the national parliament of the Federal Republic of Germany, which is a legislation branch similar to The House of Representatitves)</li> <li>As a functioning democracy with a Constitution established in 8th May 1949, new laws have to be approved <em>not just by the Bundestag</em> but by other branches of the German government.</li> <li>This includes the <strong>Bundesrat</strong>, which is a sort of Federal Council similar to the United States Senate.</li> <li>After being approved by <strong>both</strong> the Bundestag and Bundesrat, the law is then submitted to the Executive Branch to deliberate and promulgate it into effect.</li> <li><a href="https://www.bmi.bund.de/EN/topics/constitution/legislation/legislation-node.html#:%7E:text=At%20federal%20level%2C%20most%20new,in%20the%20Federal%20Law%20Gazette">Here is a source where you can read up and learn about German Politics and Legislation: -</a>.</li> <li>I quote: <em>At federal level, most new legislation is drafted by the Federal Government, to be passed by the Bundestag, the German parliament, with the participation of the Bundesrat before it is signed into law by the Federal President and promulgated in the Federal Law Gazette.</em></li> </ul> <p>​</p> <p>This is similar to last week's "Georgia is going to teach highschoolers about crypto" post: only one of Georgias legislative branches approved it and it died in the Senate. The difference here is a language barrier.</p> <p>Simple conclusion: A new law needs to be approved by TWO legislative entities in Germany, the <strong>Bundestag</strong> and the <strong>Bundesrat</strong> and the Executive entity. This new law was (so far) <strong>only aproved by the first one: the Bundestag</strong>. Claiming "Gerrmany passed the law" is, at this point in time, <strong>wrong.</strong></p> <p>​</p> <p>Let's be better
</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Harucifer"> /u/Harucifer </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1d2cv/dd_no_germany_did_not_yet_pass_a_new_law_that/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1d2cv/dd_no_germany_did_not_yet_pass_a_new_law_that/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>There are a few posts flirting with the frontpage claiming that <em>"Germany has passed a new law that would allow thousands of institutional investment funds to invest in</em> <em>cryptocurrency</em>". This is wrong.</p> <p>​</p> <p>I had to dig around a little bit to find an updated and clear source, not to mention find the law itself. <a href="https://www.coindesk.com/proposed-legislation-in-germany-could-allow-425b-to-flow-into-crypto-report">I came upon this Coindesk article and I quote: <em>"The bill, which was approved by Germany’s parliament last week, is expected to take effect on July 1 if it is approved by the upper house, the Bundesrat."</em></a></p> <p>​</p> <ul> <li>The law was approved by the German Bundestag (the national parliament of the Federal Republic of Germany, which is a legislation branch similar to The House of Representatitves)</li> <li>As a functioning democracy with a Constitution established in 8th May 1949, new laws have to be approved <em>not just by the Bundestag</em> but by other branches of the German government.</li> <li>This includes the <strong>Bundesrat</strong>, which is a sort of Federal Council similar to the United States Senate.</li> <li>After being approved by <strong>both</strong> the Bundestag and Bundesrat, the law is then submitted to the Executive Branch to deliberate and promulgate it into effect.</li> <li><a href="https://www.bmi.bund.de/EN/topics/constitution/legislation/legislation-node.html#:%7E:text=At%20federal%20level%2C%20most%20new,in%20the%20Federal%20Law%20Gazette">Here is a source where you can read up and learn about German Politics and Legislation: -</a>.</li> <li>I quote: <em>At federal level, most new legislation is drafted by the Federal Government, to be passed by the Bundestag, the German parliament, with the participation of the Bundesrat before it is signed into law by the Federal President and promulgated in the Federal Law Gazette.</em></li> </ul> <p>​</p> <p>This is similar to last week's "Georgia is going to teach highschoolers about crypto" post: only one of Georgias legislative branches approved it and it died in the Senate. The difference here is a language barrier.</p> <p>Simple conclusion: A new law needs to be approved by TWO legislative entities in Germany, the <strong>Bundestag</strong> and the <strong>Bundesrat</strong> and the Executive entity. This new law was (so far) <strong>only aproved by the first one: the Bundestag</strong>. Claiming "Gerrmany passed the law" is, at this point in time, <strong>wrong.</strong></p> <p>​</p> <p>Let's be better
</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Harucifer"> /u/Harucifer </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1d2cv/dd_no_germany_did_not_yet_pass_a_new_law_that/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1d2cv/dd_no_germany_did_not_yet_pass_a_new_law_that/">[comments]</a></span>Kind Regards R