Market structure ideas in the encryption industry to the members of the Senate in hearing
Those who seek the encryption industry, including the CEO of Ripple Brad GarlingHouse, have identified their hopes of how the Senate seeks to regulate the digital assets markets in the United States, while Senator Elizabeth Warren participated in some of the best democratic objections During the Wednesday session.
“During the past decade, he prohibited the legal and regulatory uncertainty surrounding the encryption in meaning in the United States,” Garlinghyus told the Senate Banking Committee in his testimony. “In Ripple, we definitely saw how it could be the lack of clear rules of the road as a weapon to target good actors.” Ripple was one of the companies raised by the Securities and Stock Exchange Committee, during the first term of President Donald Trump.
This is one of two Senate-Senate committees-including the Senate Agriculture Committee-which needs to work through a wide range of the purification market structure bill. The Banking Committee has moved more quickly, but their agricultural counterparts have just set their own hearing on Tuesday. For its part, the US House of Representatives will be appointed next week for what leaders “Cryotation Week” will be called to follow up on a number of legislation, including the law of the private digital assets market in that chamber to create the legal infrastructure for digital asset markets.
Tim Scott, Chairman of the Banking Committee, a Republican in South Carolina, indicated during a Wednesday session to hope that the momentum of the partisan Senate will be Successful vote To direct and create the national innovation of Stablecoins for us in 2025 (genius) The verb – which is the house It is possible that he will vote for next week Likewise – it will continue at a time when the committee turns towards the most important encryption legislation.
“The passing of a genius is more than just a legislative victory,” Sk. “It is a testament to what is possible when Congress works together and puts principles before party policy.”
Senator Elizabeth Warren, a democratic who is ranked first in the committee, opened one of the most reliable critics in the industry in Capitol Hill, its observations on Wednesday, indicating the existence of a series of “principles that I think should direct our work”, do not completely close the door to participate in negotiation. But one of these principles was the controversial point that President Donald Trump’s personal interests in the encryption industry need to deal with it.
“The encryption industry may invite the bullets for the Republicans, but no one wants weak encoding rules more than the President of the United States,” Warren said. “If we will provide the road bases for encryption, we need to close the highway of presidential corruption at the same time.”
She also said that the proposals, including the law of clarity in the House of Representatives, “will allow non -abstract companies to brush their assets in order to evade” from the Securities and Stock Exchange Committee.
“Think only for a minute about what it means,” Warren said. “Under the Parliament’s draft law, a company may publicly circulate like Meta or Tesla simply put its shares on Blockchain” to escape from SEC Scrutiny.
The Clarity Law in the House of Representatives has already cleared the relevant committees in that room, so it is further legislation and Scott was proposed as a template of the Senate’s business in the market structure. One of the main provisions of the draft law is to establish a commodity futures trading committee as a primary regulator of American digital assets. He was the former president of that agency, Tim Masad, among the witnesses on Wednesday and was asked about his ideas about this act.
Masad replied, “I think it has a lot of problems. I think it is 236 pages of organizational chances.”
The Scott Committee has A series of guidelines has already been identified He said in the hearing that her own work in the legislation of the market structure “will” realize the need to determine clearly what the commodity is, what is security, and how the digital assets can be traded and are cautious in a way that enhances innovation while protecting investors.
“We do not need more road barriers,” he said. “We need rules that already work.”
Trump added, urging to discuss the cryptocurrency policy at the present time, because it has set his final date in August for the Senate and the House of Representatives to produce Stablecoin and Market Struption invoices. Although it is possible that the House of Representatives can sign the Stablecoin Bill in the Senate next week and send it to the president to be registered in the law, the timetable for the draft law may be more complex. Senator Scott announced a deadline on September 30 to end the Senate to end the legislation of the market structure.
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