One of the most comprehensive attempts at cryptocurrency regulation in the United States, the Crypto Market Structure Act has moved forward with bipartisan support in the Senate.
Senate Democrats have sparked optimism among both representatives in the crypto industry and Republican senators, according to crypto journalist Eleanor Terrett, and have released a comprehensive overview of the law.
The framework, released by a 12-member Democratic Senator group, calls for clarification of the legal status of tokens, increased exchanges and issuer surveillance, combat illegal financial activities, prevent conflicts of interest, and provide more resources to regulators. These topics are largely in line with Republican priorities.
The leading Republican Sen. Cynthia Ramis welcomed the Democrats’ move. However, the important differences between the two parties lie within the scope of regulations. Republicans generally defend more “lighter touch” regulations, while Democrats support stricter rules.
The Senate Banking Committee is expected to consider revisions to the bill by the end of September, and the Senate Agriculture Committee will release another draft of the CFTC jurisdiction. Following this process, the Crypto Market Structure Act is expected to be signed into law by President Donald Trump just before Christmas, before the end of the year.
*This is not investment advice.
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