Industry leaders urge Congress to establish definitive guidelines for crypto, emphasizing the need for regulatory clarity.
Momentum Builds for Digital Asset Legislation
The crypto industry is actively engaging with U.S. Congress to advocate for comprehensive legislation that provides clear regulatory frameworks for digital assets. In a recent hearing titled “A Golden Age of Digital Assets,” industry representatives emphasized the importance of establishing definitive guidelines to foster innovation and ensure compliance.
Bipartisan Efforts in Congress
Lawmakers from both parties are collaborating to develop policies that promote the growth of digital assets. Representative French Hill announced the formation of a working group aimed at delivering regulatory clarity for the crypto industry. This initiative reflects a commitment to creating a balanced approach that encourages innovation while safeguarding consumers.
Industry’s Call for Immediate Action
Crypto representatives are urging Congress to move swiftly in establishing legislation that defines clear regulatory boundaries. Jonathan Jachym, global head of policy at U.S. exchange Kraken, stated, “There are many issues to debate over the next several years, but we need to move now and put that basic foundation in place.”
Regulatory Agencies’ Roles and Responsibilities
The proposed legislation seeks to delineate the responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The CFTC would regulate digital assets classified as commodities, while the SEC would oversee those deemed securities. This clear division aims to eliminate ambiguity and provide a structured regulatory environment.
Industry’s Political Engagement
The crypto industry has significantly increased its political engagement, investing substantial resources to support pro-crypto candidates during the 2024 election cycle. This strategic move aims to foster a regulatory environment conducive to the industry’s growth and development.
A Pivotal Moment for Crypto Legislation
As the crypto industry collaborates with U.S. Congress, there is a shared recognition of the need for clear and comprehensive regulatory frameworks. The ongoing efforts reflect a pivotal moment in establishing legislation that balances innovation with consumer protection, setting the stage for the future of digital assets in the United States.
Disclaimer:
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