Senator Tim Scott from South Carolina said that a regulatory framework that would cover the crypto asset sector is expected to be enacted this year. Scott, US Senate Banking, Housing and Urban Affairs Committee President, said the current administration’s approach to crypto assets was criticized.
Crypto money arrangement
Senator Scott said that this would contribute to the growth and innovation process of crypto asset companies, so that domestic innovation will be supported. In this context, Genius Act, which organizes stablecoins, was recorded in the Senate Banking Committee with two-party support (18-6 votes). If the rules are enacted, it is aimed to increase America’s economic competitiveness.
Scott also stated that a new legislative work that will regulate the structure of the crypto asset market will also be on the agenda. In this context, digital asset market structure and investor protection law can be shown as examples. The law is increasing the regulatory authority of the Commodity Futures Commission (CFTC), while the US Securities and Stock Exchange Commission (SEC) is expected to regulate the authority.
Law initiatives for market structure
Scott’s statements reflect the view that regulations in the field of crypto assets are not sufficiently supported in the past administration. According to him, Biden administration and SEC President Gary Gensler’s negative approach to crypto beings has prevented innovation in the sector.
Senator Tim Scott: “It should take place before innovation. Our country’s permission to innovation here in the field of crypto assets and critical for our economic superiority. The fact that President Trump takes pioneering steps in this field also contributes to the acceleration of the process.”
The explanations emphasized that the regulatory framework will be developed in order to provide advantage of the crypto asset sector in global competition. With this step, it is aimed to eliminate the uncertainties in the sector and to protect investors.
The work of the Senate Banking Committee is expected to decrease regulatory uncertainties in the future of the sector as it proceeds with two -party support. The statements stated that the process of law was meticulously followed.
These studies on digital asset regulations are seen as part of the US efforts to increase competitiveness in the global economic arena. The development capacity of the sector and the contributions of the sector to the market structure will be closely monitored.
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.
