On Tuesday, the subcommittee of digital assets of the United States Digital Committee is expected to hear the testimonies of former regulators and leaders in industry taking into account the legislation to establish a framework for the digital asset market.
In a testimony prepared for Tuesday’s hearing, the former president of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, said that the “current trajectory of the regulator [was] Not durable ”without filling the gaps for cryptocurrencies. He suggested that legislators consider the requirements of the market structure by focusing on “customer protection, avoidance of interest conflicts and market resilience”.
“”[…] I do not think that the public interest of digital assets will decline; Inaction will lead to a greater risk for our financial markets and investors, by the lack of market transparency, fraud, market manipulation, corruption and conflicts of interest, “said testimony.
“While the digital asset market continues to be woven in traditional financial institutions, concerns about the broader resilience of the market and perhaps even financial stability will increase.”
The audience to consider the framework of the market structure in the Senate will come when the House of Representatives weighs its own bill, the Clarity of the Digital Assets Market or the Clarity Act. The bill left the committee in June and should soon go to a ground vote.
In relation: The Democratic Senator presents Bill to tackle Trump’s cryptographic links
According to republican leadership on the subcommittee of digital assets, any bill aimed at attacking a cryptographic market structure should “clearly define the legal state of digital assets”, allocate authority between regulators to prevent “a regulator while buried from emergence” and focus on the protection of those who exchange or buy crypto.
“While the European Union and Singapore have established clear regulations, the United States continues to stay on the sidelines while the digital asset industry is looking for greener pastures,” said Wyoming Senator Cynthia Lummis, who presides over the sub-comity of digital assets. “It changes today.”
https://www.youtube.com/watch?v=GD81DFCMI4
Many Democrats still vote for crypto bills in the midst of Trump’s ties with industry
The efforts of the Senate to establish “bipartite” legislation for a cryptographic market structure followed many democrats voting with the Republicans to adopt a bill to regulate the stable -for payment. On June 17, the Chamber adopted the guidance and the establishment of national innovation for American stables, or Genius Act, which will then go to the Chamber for examination.
Massachusetts Senator Elizabeth Warren, classification member of the banking committee and critical legislator towards the bonds of US President Donald Trump with cryptographic industry, could tackle some of the president’s conflicts of interest during the hearing on Tuesday. Warren voted against the Act on Engineering and called the President concerning the participation of his family and the control of World Liberty Financial, also an issue of Stablecoin.
Review: New York Bitcoin Pubkey Bar will be Orange-Pill Washington DC Next
