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Paul Atkins said he expects the “Clarity” bill, which includes standards for classifying cryptocurrencies, to pass the U.S. Senate this month.
On Sept. 2, blockchain outlet Bitcoin Magazine reported that Atkins said in an interview with Fox Business that the SEC is continuing to push ahead with regulatory work to support the cryptocurrency industry.
“The Clarity bill will be put to a Senate vote on Sept. 15,” he said. He said he hopes it will be signed by the president after passing the Senate. He also stressed that with related <a href="https://xpertsstudio.com/hyperion-defi-teams-with-blockdaemon-to-build-institutional-hyperliquid-staking/” title=”Hyperion DeFi teams with Blockdaemon to build institutional Hyperliquid staking”>institutional reforms, the United States could become the “world’s cryptocurrency capital.”
Lawmakers who are pro-cryptocurrency initially wanted Congress to pass the bill before the August recess, but the vote was pushed to September. Even with the delayed schedule, the mood is that policy work by regulators is not stopping. “We are changing the approach of the past,” Atkins said. “We want to modernise the rules for the era of blockchain and crypto assets.”
The SEC and the U.S. Commodity Futures Trading Commission are also continuing to build policy frameworks separate from legislation. Last week, the SEC sent a proposal to the White House saying it would clarify a crypto-asset custody framework for investment advisers and companies. It is seen as a signal that it will first refine custody rules and supervisory standards regardless of whether the bill passes.
The bill passed the House of Representatives last year, but the deadlock dragged on this year. That reflects ongoing clashes among banking lobby groups and lawmakers, and crypto companies, over whether platforms such as Coinbase can pay returns to customers. Conflicting interests over service structures and investor protection slowed the pace of legislation.
Some lawmakers have also demanded changes to ethics-related wording. Starting in July, a new draft also began circulating that would ban government officials from promoting cryptocurrencies or gaining financial benefits through them. However, parts of the Democratic Party responded that the draft was still not sufficient.
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