On Tuesday, the US Senate Banking Committee’s Digital Assets subcommittee is scheduled to hear testimony from former regulators and industry leaders in considering the law to establish Digital Asset Market Structure Framework.
In testimony prepared for Tuesday, former Commodity Futures Trading Commission (CFTC) President Rostin Behnam Said The regulator’s “current trajectory (was) was not durable” without addressing the gap for cryptocurrency. He suggested that the MPs considered the requirements of market structure, focusing on the requirements of market structure “customer safety, avoiding conflict of interest and rethinking market”.
“(…) I am not confident that public interests for digital assets will be reduced; Inactivity will result in more risk for our financial markets and investors, through the lack of market transparency, fraud, market manipulation, corruption, and lack of conflict of interest,” is written in testimony.
“As the digital asset market continues to weave itself in traditional financial institutions, concerns about the broad market and perhaps financial stability will also increase.”
Hearing of considering market structure structure in the Senate will come as a delegation Weighs your billDigital asset market clarity, or clarity act. The bill went out of the committee in June and is expected to have a head for a floor vote soon.
Connected: Democratic Senator introduced the bill to address Trump’s crypto relationship
According to the Republican Leadership on the Digital Assets subcommittee, any bill to address the Crypto market structure should clearly define the legal status of digital assets, “” Allocate the authority among regulators to prevent a emerging omnipotent regulatory, “and focus on protecting the Crypto.
“While the European Union and Singapore have established clear rules, the US has continued at this time, while the digital asset industry has sought greenery pastures,” Vyoming Senator Synthia Lummis said, who presides over the digital asset subcomitti. “It changes today.”
Many Democrats are still voting for the Crypto Bill amid Tram’s industry relations
The Senate efforts to establish “bipoled” laws for a crypto market structure followed many democrats Voting with Republican To pass a bill to regulate the payment stablecoins. On 17 June, the Chamber passed the guide and established the National Innovation for the US Stabecrims, or the Genius Act, which would be the next head of the House for consideration.
Massachusetts Senator Elizabeth Warren, a member of the banking committee and a legalist for the relationship between US President Donald Trump for the Crypto industry, may address some of the President’s conflicts at Tuesday hearing. Warren voted against the Genius Act and is Called the president out Regarding the share of his family and control of the World Liberty Financial, also a stabelcoin issuer.
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