The US Senate Banking Committee organized a session titled “From Wall Street to Web3: the construction of tomorrow’s digital asset markets”. Six experts from two parties and six experts from the crypto asset sector attended the session. In the session, the role of crypton in illegal financial transactions and conflicts of interest were discussed in the session. In the discussions, the opinions of sector leaders and experts were taken.
Crypto money and illegal financial debate
At the beginning of the session, the Committee President Tim Scott said that illegal activities were actually done with cash money and crypto assets did not play as much role as traditional money in this field. In the face of this approach, Elizabeth Warren, a member of the Committee, argued that illegal activities have increased as the market volume of crypto assets grew. Warren pointed out that piracy from North Korean pose a threat to US national security.
Jonathan Levin, CEO of Chainalsis, said that illegal activity corresponds to less than 1 %of the total transaction volume and that this rate is higher in traditional markets. “Most of the operations in Blockchain are legitimate activities,” he said. Levin also said that crypto -specific vehicles made it easier to detect criminals, but it was less used in the financing of terrorism than expected.
Jonathan Levin: “Illegal activities in Blockcha make up less than 1 %of the total volume.”
Trump family and claims of conflict of interest
Senators Raphael Warnock, Chris Van Hollen and Elizabeth Warren, President Donald Trump and his family in the crypto asset sector activities in the sector can lead to the conflict of interest while led to the legislation. Warren claimed that Trump’s assets were in crypto currencies of $ 7 billion. Warnock launched an ethical debate over Trump’s breast coin extraction.
Senator Van Hollen, Eric Trump’s investment company in the United Arab Emirates, reminded that his father met for the Stablecoin project before his visit to the country, said such legislation can give advantage to the relevant companies, he said. Former White House former Ethical Advisor Richard Painter, a president in the task violated the rules of financial ethics, he added.
Richard Painter: “People who have enacted and implement the crypto law should not be in a conflict of interest. This includes the president.”
Authority distribution between institutions
At the meeting, Timothy Massad of Harvard University argued that the US Securities and Stock Exchange Commission (SEC) and the Commodity Futures Commission (CFTC) should work together to organize crypto assets. Massad said that the Congress should not take the task of the arrangement directly and it would be appropriate for the two institutions to act in cooperation.
Summer Mersenger, CEO of Blockchain Association, said that CFTC is in favor of having more authority in crypto markets. Mersinger argued that a principle -based regulation approach would be better for the sector. Senator Katie Britt also supported the creation of a principle -based regime rather than restrictive regulations; However, there was no details about how these principles would be.
Timothy Massad: “The solution is the work of SEC and CFTC together; the congress should not be a regulator.”
Two -party crypto currency law
In a part of the session, Senator Bernie Moreno said that crypto beings are about the generation difference rather than political parties. Moreno argued that more tight arrangements for crypto beings need to be softer instead of softer approach. Tim Scott, Cynthia Lummis and Kirsten Gillibrand, since 2022, has been prepared jointly.
Senator Cynthia Lummis said that he thanked his democratic colleagues for working on arrangements that protect the consumer and support innovation. Lummis stressed that the US judiciary enables encryption and coding to be included in freedom of expression and that this step plays an important role in the growth of the sector. Lummis, bitcoin 
$109,122.26 And he pointed out that crypto beings have gained an important place in the global economy.
Cynthia Lummis: “At the point we have come today, the sector is maturing and needs clear rules. At the right time, we can direct innovation by determining the necessary legislation.”
The Senate session on the crypto money market structure revealed different perspectives and concerns. During the meeting, the illegal risk of financing of digital assets, the impact of political figures on the sector, regulation models and inter -institutional cooperation issues were emphasized. The importance of open and flexible regulations has been underlined in order to maintain global competitiveness in the US digital asset market. In addition, it was emphasized that both the development of the sector and the protection of consumer rights are aimed at the process of making a double -party law.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
