CLARITY Bill Could Allow Tesla And Meta To Evade SEC Rules

Senator Massachusetts Elizabeth Warren is an alarm on how publicly traded companies could, in principle, bypass US securities laws, if the regulation of the markets with cryptocurrencies becomes law.

In the center of the hearing of the Banking Committee of the Senate, which deals with the laws of the Krypto structure, the order member of the Warren said It would be in favor of a regulation on digital assets that strengthen the US financial system, but expressed concern about the clarity of the digital property market or the clarity in the house of the representatives.

Senator Massachusetts suggested that “non -crypto society” could tokenize their assets to avoid regulations promoted by the US Securities and Stock Exchange Commission (SEC).

“According to House Bill, a publicly traded company like Meta or Tesla could simply decide to put its shares on the blockchain and – Pof! – He escaped all SEC regulation,” Warren said. “This is a serious problem for our country.”

Warren also has Meta asked a potential influence Despite lawmakers weighing the management and introduction of national innovations for American stablecins or brilliant law because the company previously announced plans for its own Stablecoin.

Both accounts, as well as legislation to limit the development of the US central bank digital currency (CBDC), are It is expected to be considered In the house starting on Monday.

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Crypto clashes of interest is still the topic of discussion in Congress

Wednesday hearing meant one of the first of the legislators in the Senate, after its management dealt with the law on the structure of the crypto September September to hand over legislation.

Ripple CEO Garlinghouse, former members of the commission for trading commodity futures (CFTC) and others testified and offered their ideas on the approach of congress to digital assets.

“More than 55 million Americans participate in the economy crypt, which today corresponds to the market ceiling of $ 3.4 trillion,” said Garlinghouse in his prepared testimony. “The intelligent control framework for the crypto market structure is necessary to realize this future and has long been delayed.”

Richard Painter, a former head of the White House ethics who invited Warren, added:

“We cannot be in charge of adopting legal regulations and promoting legislation, carrying out legislation, conflict of interest with their official duties. You should sell out of the crypt if you regulate the crypto.”