Republican Senate Banking Committee Chairman Tim Scott and other lawmakers announced that they are pushing a cryptocurrency market structure bill, which they say expands on the work done in the bill that passed the U.S. House of Representatives last week.
According to The Block on the 22nd (local time), Scott announced that he, along with Republican Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, released a discussion draft of the cryptocurrency market bill and issued an information request on Tuesday.
Scott, together with Republican Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, announced a discussion draft of the cryptocurrency market bill and also issued an information request on Tuesday.
Lummis stated in a statement, "This discussion draft represents a thoughtful and balanced approach that will provide the clarity innovators need while providing strong consumer protection" and "We cannot allow regulatory confusion to continue driving U.S. innovation overseas."
Last week, the House voted 294 to 134 on the Digital Asset Market Clarity Act, gaining Democratic support. 78 Democrats voted in favor of the bill. The House version takes a comprehensive approach to industry regulation and will partially create a regulatory framework for cryptocurrencies by specifying how the SEC and CFTC will regulate.
The Clarity Act also requires digital asset companies to provide retail financial disclosures and separate corporate and customer funds. Cryptocurrency advocates say clear rules are needed to protect consumers and foster innovation.
Senator Scott stated in a statement, "I appreciate the hard work of my House colleagues in creating a smart, bipartisan bill, and I look forward to building on their work in the Senate" and "We can work with President Trump to provide a comprehensive, bipartisan regulatory framework for digital assets."
The draft released on Tuesday seeks to define "incidental assets" to shed light on which digital assets are not securities and also to tell the SEC to "align existing requirements with digital asset activities."
Previously, Scott, Lummis, and others set a September 30th deadline to provide principles and do something about market structure. Market structure is considered a heavier task given the broad complexity of industry regulation compared to the bill signed into law last week for stablecoin regulation.
Nathan McCauley, CEO and co-founder of Anchorage Digital, said the draft represents a "necessary step forward in writing clear path rules for cryptocurrencies."
McCauley stated in a statement, "Knowing who, how, and why behind cryptocurrency regulation is essential to protecting consumers and providing the industry with the certainty needed to build long-term in the United States."
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