The US President Donald Trump’s cryptography working group would have urged federal regulators to clarify the rules for negotiating digital assets as part of a wider effort to mitigate the adoption of new financial products, highlighting the growing white house accent on the blockchain economy after the adoption of three distinct cryptography invoices earlier this month.
Political proposals were brought by the White House working group in the digital asset markets, which was created by decree in January and led by David Sacks.
Among the recommendations were the calls for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to “allow immediately the trade of digital assets at the federal level” by clarifying the rules concerning the custody, the trade, the registration and the holding of registers.
The group has also urged the elimination of “bureaucratic delays” which hamper the deployment of innovative financial products to consumers. With regard to tax policy, proposals call on congress to recognize cryptocurrencies as a new asset class subject to the modified versions of existing tax rules for securities or basic products.
The working group has already played an influential role in training the evolutionary approach of Washington to the regulation of cryptocurrencies. Although he has not written legislation, he made key recommendations on regulatory executives covering digital assets, stablescoins, market structure, taxation, guard and surveillance.
These ideas have been reflected in the adoption by the engineering of the Act on Engineering, the Clarity Act and the Anti -CBDC law on the state of surveillance – policies relating to everything, stablescoins and the structure of the market to restrictions on the digital currencies of the Central Bank.
Trump signed the law on genius on July 18. Acts of clarity and CBDC are adopted in the House of Representatives and will be examined by the Senate when the legislators return from their recess in August.
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The American cryptography industry encourages positive regulations
Pressure from the Trump administration for cryptography legislation already improves the regulatory landscape for the adoption of digital assets. After the adoption of three main Crypto bills in July, the Atlantic Council noted: “The most likely result is that more companies, including banks, will go to the supply of cryptographic assets.”
This change is already underway. The main Wall Street players, including Jpmorgan, Citigroup and Bank of America, started signaling plans to enter the Stablescoin market.
“For Americans, this means that your bank could soon offer you stablescoins and perhaps even tokenized means of investing in the stock market,” added the Atlantic Council.
Industrial initiates told Cintelegraph that the Act on Engineering, in particular, could be a major catalyst for the tokenization of active worlds by removing regulatory obstacles and improving digital ramps in the tokénized economy.
Michael Sonnenshein, former CEO of Grayscale and president of the Securittize Tokenization Society, told Wall Street Journal that Genius will likely attract hesitant market players.
“For one of the active issuers who may have been on the sidelines or that have hesitated to get into the world of token titles, this now offers them a little additional air coverage,” Sonnenshein said.
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