Senate Banking Committee Sets Out Plan For Crypto Market Rules
The Senate Banking Committee released principles for comprehensive crypto market legislation, emphasizing legal clarity and innovation. Key figures include Senators Thom Tillis, Tim Scott, Cynthia Lummis, and Bill Hagerty. The principles focus on defining the legal status of digital assets, regulatory jurisdiction, and modernizing oversight. They advocate for tailored anti-money laundering measures and regulatory support for technological development. Lummis highlighted the need for U.S. legislation to promote responsible innovation, contrasting it with established regulations in the EU and Singapore. This announcement precedes a subcommittee hearing with testimonies from industry leaders and follows momentum for the Digital Asset Market Clarity Act, which would shift oversight from the SEC to the CFTC. Additionally, the U.S. Federal Housing Finance Agency is exploring crypto's role in mortgage applications. Senator Adam Schiff introduced the COIN Act to prevent the president and family from profiting from digital assets while in office, amid concerns over potential conflicts of interest.
