As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find myself cautiously optimistic about the future of regulatory clarity in the US. Having navigated through numerous regulatory uncertainties and market volatilities, I can attest to the fact that a comprehensive crypto market structure bill would be a much-needed breath of fresh air for our industry.
As an analyst, I’ve just noted that Representative French Hill made an appearance on CNBC, expressing his viewpoint that the U.S. urgently requires a legislative framework for the cryptocurrency market. He characterized this bill as a high-priority matter within the Republican Party’s agenda.
As per Representative Hill, the GOP’s majority leader Steve Scalise plans to propose a wide-ranging cryptocurrency market structure bill during the initial 100 days of the forthcoming legislative session. Moreover, Hill voiced his concerns about the regulatory approach currently being implemented by Securities and Exchange Commission (SEC) Chair Gary Gensler.
“We don’t have rules of the road under chairman Gensler. We just have regulation by enforcement. This is not helping America succeed, not helping technological advances, innovation for Web3, or the use of blockchain in publicly traded companies and financial services.”
Passing the market structure bill could alleviate the long-standing regulatory doubt that’s plagued the U.S. cryptocurrency sector. By enacting pro-cryptocurrency legislation, the U.S. might create a conducive environment for digital asset innovation and discourage crypto companies from moving overseas.
US crypto industry optimistic about regulatory future
Industry executives are hopeful about the potential easing of digital asset regulations in the U.S., given the overwhelming win of the Republican Party in November and the departure of Gensler from the SEC.
In May, the Financial Innovation and Technology for the 21st Century Act (FIT21) was approved by Congress. This market structure bill proposed an extensive regulatory system specifically designed for digital assets. Regrettably, the bill encountered obstacles in the Senate and didn’t become a law.
Within the FIT21 law, there is a clause that outlines guidelines for managing digital assets. The management of these assets can fall under either the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), depending on the extent to which the particular digital asset operates in a decentralized manner.
During his upcoming term, it’s being suggested that President-elect Donald Trump might take on the responsibility of regulating cryptocurrencies through the Commodity Futures Trading Commission (CFTC). If this happens, most crypto projects would be categorized as commodities provided they fulfill specific conditions.
Trump additionally put forward Paul Atkins, a supporter of cryptocurrencies, as a potential replacement for Gensler in the position of SEC chairman. One factor that influenced this decision was Atkins’ role as co-chairman of the Digital Chamber’s Token Alliance.
Read More
- GBP EUR PREDICTION
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- CNY RUB PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
2024-12-13 23:06