Senate Banking Committee Sets Out Plan For Crypto Market Rules

The Senate Banking Committee on Tuesday announced a new set of principles aimed at managing the development of comprehensive legislation on the cryptocurrency market.

“As the Congress considers a regulatory framework for digital property, our main priority must be legal clarity and safety without suffocation of innovation,” said Senator Thom Tillis (R-NN). “These principles establish a real balance by protecting consumers, promoting innovation and clearly defining the role of the regulator.”

They principleswho was led by Senate Banking President Tim Scott (R-SC), a sub-president of Cynthia Lummis Digital Property (R-Wy), and Tillis and Bill Hagerty (R-TN) senators, emphasize a clear defining legal status of digital property, rejection of foreign regulations and modernization.

They also require closely adapted measures against money laundering and the obligation to accept technological development.

Senator Lummis noted ua hearing After the guidelines were announced that they were designed to make talks about the structure of the digital property market more productive than those around Stablecoin.

“America desperately needs legislation on the digital property that promotes responsible innovation and protects consumers,” she said in a statement. “While the European Union and Singapore have established clear regulations, now he continues to sit aside.”

The release of these principles was ahead of the hearing of a sub -day of the same day involving the testimony of Coinbase, Multicoin Capital of others on Bipartisan by legislative proposals.

There is also a recent momentum behind the Law on Clear Digital Property, which would eliminate the SEC’s control of the crypto industry in favor of the commission trading commission. That passed Two committees of houses on June 11, and now it is expected to face complete voting.

Meanwhile, creating politics associated with cryptocurrencies continues throughout the Federal Government. On Monday, the director of the US Federal Funding Agency Bill Pulte said the agency examine How Krypto Holdings can introduce a mortgage report.

Pulte, a cryptocurrency advocate of 2019 and a recent Trump named, revealed significant digital assets earlier this year.

The promotion of cryptocurrency in the Government by those with significant cryptocurrencies, however, has raised alarms, especially when it comes to the president himself.

On Monday, Senator Adam Schiff (D-Calif.) introduced The Law on Coins, which would ban the president and members of the immediate family to profit from digital assets while they were in office.

The Schiff account comes for days after the double -sided adoption of Trump’s ingenious law, which critics claim to be able to enable such profit in accordance with regulatory veneer. In any case, Schiff voted the Law on Genna Law.

Edited Sebastian Sinclair