The US digital asset ecosystem is at an inflection point. More than 100 crypto firms and trade groups have since called on the Senate Banking Committee to advance the Clarity Act. This federal framework seeks to avoid "regulation by enforcement," and instead foster a comprehensive, stable and predictable program.
Why the Industry is Calling for Change
TOO Much InfoData through Oct. 2023Policy was largely chiseled by court cases, and firmly controlled: SEC and CFTC. The coalition, which includes such industry heavyweights as Coinbase, Kraken, Ripple and Circle, asserts that court decisions should not be a substitute for transparent laws. A federal standard is needed or else the US will fall behind jurisdictions such as the European Union with comprehensive frameworks in place.
1-six Trust Categories With Respect to Lawmakers
The coalition established a few key priorities to establish the US as a leader in financial innovation:
Defining Oversight: Drawing Red Lines Between the SEC and CFTC
Developer Security: Preventing those creating non-custodial tools from being negatively impacted.
Easier Rules: Putting in place that are easy to comply with companies have to disclose.
National Standards: Find a way to stop, as one witness put it, flatly "patchwork" of state laws.
Stablecoin Rewards: Maintaining consumer benefits linked to payment stablecoins
Economic Security Keeping both jobs and investment and development on American shores.
The Stakes of Inaction
This is a "global race to the top," according to Ji Hun Kim, CEO of the Crypto Council for Innovation. The Senate Banking Committee has not yet scheduled a markup, but time is running out. It demands strong and resilient rules that can protect consumers without stifling technology.
Market Impact: Transparent guidelines tend to increase institutional certainty. A US federal standard could become the global measure for how digital assets are managed and traded.
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