The financial service committee reviews the next move box to the specified Brypto representative Brypto’s President Donald Trump’s “second half” of the Crypto agenda: a bill to set crypto market policies for a fully regulated domestic industry.
Steil, the Chairman of the Republican of the Panel’s subcomm Committee, said Trump’s first half of the goal was properly carried out – the Congress Stablecoin Law Advanced by committees In both house and senate – so A hearing on Wednesday explored other long -awaited digital assets bill to promote the structure of crypto markets. Such hearings represent a rung in such an effort through Congress.
Representative French Hill, the Arkansas Republican who operates the general committee, indicates that those working with the bill are closer to the release of an alternative to modern financial and technology for the 21st century of law (FIT21), the house The law that passed last year but failed to move forward through the Senate.
“The committee cooperated with a wide range of stakeholders, from government agencies to ecosystem leaders to identify ways of market structural law could be more refined and boosted,” he said at the hearing. “We are actively working to release a draft of discussion discussion that reflects feedback from members and market participants.”
Democrats on the committee repeatedly returned to the Trump’s crypto business activity and his family, asking industry lawyers about whether it represents a conflict of interest. Representative Maxine Waters, the rank of the Democrat committee, accused the panel of trying to make Trump the “King of Crypto by passing the law that allowed him to the corner of the market in Stablecoins, kick George Washington from the dollar and make his own stablecoin.”
Witnesses often refused to engage with Trump, even though a consumer advocate testified on Wednesday, Alexandra Thornton, a senior director at the Center for American Progress, noted that “There are many things that the Trump administration has done that favors the crypto, and with them the many you mentioned, but also allowed many staff, which has dropped many cases against the crypto.”
Lawmakers have also been on the proper role of the Securities and Exchange Commission and the Commodity Futures Trading Commission in the future crypto administration, and how Congress should determine which regulations that buckets should handle various digital assets. In recent years, the SEC interpreted how to use the security law to determine which crypto tokens were the security that was left in the industry in legal confusion and mired on implementation misunderstandings, despite the some early guidance From the agency how to deal with legal standards.
“Participants in the market are still finding it difficult to apply,” said Tiffany Smith, who cooperated with crypto clients at the law firm Wilmerhale. He added that definitions become more complicated when most crypto transactions occur in the second market, such as crypto exchanges. “Regulation clarity is needed,” he said.
Read more: US House Stablecoin Bill prepared to go public, the lawmaker at the height of the Crypto panel
