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The Senate Banking Committee issued a seven -point framework for the structure of the digital active market and listened to testimony who urged Congress to transfer these principles to the status without delay in June 23.
Chairman of the Tim Scott Committee and Senators Cynthia lummisThom Tillis and Bill Hagerty plan This attracts the legal limit between securities of digital assets and commodities. However, there is no bill during the press.
The plan also allocates jurisdiction to existing regulators instead of creating a single crypt of the agency when updating registration routes, so compatible issuers can increase capital within an exception adapted to distributed project management.
The document also requires rules that maintain self -confidence, recognize the difference between centralized companies and decentralized protocols, and consider tokenization more effective than a new financial product.
Hearing about bipartisan regulatory efforts
Witnesses to hear the subcommittee for digital assets agreed that the congress must create a framework that clarifies the regulations and classifications for this industry.
Ryan Vangrack, Coinbase’s Legal vice president, the legislature said:
“More than 52 million Americans, one in five adults, now own digital assets.”
Vangrack said The fact that the current ambiguity in the rules leads to gaps and gaps that are abused by bad actors. The chairman of the former Commodity Futures (CFTC) Rostin Behnam, now Georgetown Fellow, has repeated sentiment and added that the segment of the non -secure “still lacks the market structure”.
Both described the traditional hierarchy of the customer, broker, exchange, clearinghouse and depository, which can migrate to crypto with minimal change.
Greg Xethalis, General Council on Multicoin CapitalHe warned that unclear instructions were pushing the founder and capital abroad and forcing us to “get a legal fixed position” and simple projects.
Sarah Hammer of Wharton School has pointed to the Singapore licensing model and strict fraud standards as evidence that clear duties can coexist with innovations.
Consumer warranty and regulation coordination
The basic sheet proposes to register friendly for intermediaries, intermediaries, right -wing rules and segregation and explicit protection against bankruptcy for customer assets. Behnam called “number one” segregation to protect user.
The senators also approved a targeted money laundering package that expands the Bank Secrets and IEEPA tools to coastal entities that interact with American users, and reflects the points raised by the need to discourage fraud without suppressing compatible activity.
For federal agencies, Plan recommends a safe filling pilots, letters without action and coordination between the agency to avoid duplicate tests. The language reflects the view of Vangrack that the United States can “do better” than the patch of coercive measures.
Quoted by Senator Hagerty Last week voted by 51-23 genius as evidence that there is bipartisan momentum. Lummis, which sponsor a comprehensive bill with Senator Kirsten Gillibrand, urged colleagues to maintain this bipartisan channel, despite political friction.
Members of the Committee also pushed witness to practical benefits. Xethalis claimed that the decisive legislation would prevent Europe from setting the global standards that occurred on the rules of the online store and would prevent playback of delay in 5G and semiconductor leadership.
Senator Angela Alsobrooks asked for tangible benefits for households. Speakers emphasized lower settlement costs, faster transfers and new credit rails.
The way to the design of the text
Employees are now transferring principles to the legal language assigned by the Office for Securities and Exchange above Fundraising of Assets and secondary trading in securities. At the same time, CFTC would supervise commodity tokens and derivative products.
The legislators stated that the customer’s segregation, capital requirements for risk and tailor -made for the sale of tokens will be the basis of the proposal.
The next step is to complete the law on the market structure that would join a similar proposal Represent House Republicans 5. May.
