Congresswoman Maxine Waters has requested the SEC and the Treasury Division to submit their views and feedback in writing on a not too long ago submitted legislative proposal concerning the regulation of digital belongings.
The letters had been launched on June 26 and addressed to Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler and associated to the proposed digital asset market construction dialogue.
Waters — who’s a Democrat and a senior member of the Home Monetary Companies Committee — requested the 2 authorities to supply an evaluation of the proposed laws and its affect on the present regulatory panorama.
Moreover, Waters requested authorities to think about whether or not the proposed laws is critical to control the digital asset business and whether or not there are any conflicts with suggestions from the Treasury Division and the Monetary Stability Supervisory Board.
Waters additionally requested authorities to think about whether or not altering present legal guidelines could be a greater possibility to make sure monetary stability and shield shoppers utilizing digital belongings.
Bill Particulars
The invoice in query was launched by Republican lawmakers on June 2 and is anticipated to go to a vote in July.
It primarily goals to determine a framework that can decide whether or not a cryptocurrency is a commodity or a safety and separate the regulation of every digital asset class.
The invoice additionally goals to determine clear roles for regulators in overseeing the crypto business – the SEC would oversee cryptocurrencies deemed securities, whereas the CFTC would oversee cryptocurrencies deemed securities. items in digital kind.
Moreover, it blocks the extension of change guidelines to non-exchange providers reminiscent of pockets provisioning, software program publishing, and node mining.
The invoice is led by Home Monetary Companies Committee Chairman Patrick McHenry and Home Agriculture Committee Chairman Glenn Thompson, with assist from Congressmen French Hill and Dusty Johnson.
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