The president of the US Crypto Working Group has reportedly encouraged federal regulators to clarify trading rules for digital possessions as part of a broader effort to ease the adoption of new financial products, featuring the increase of White House’s focus on the Blockchain economy following the passage of three separate Crypto bills earlier this month.
Policy measures are introduced of the White House working group in the digital asset markets, established by the Executive Order in January and Led by David Sacks.
Recommendations include calls for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to “immediately enable the trading of digital assets at the federal level” by clarifying policies around the preservation, trade, registration and maintenance of the record.
The group also urged the removal of “bureaucratic delays” which prevents the controlling of modern financial products in consumer. In Tax policyProposals in Congress have called to identify cryptocurrencies as a new class of possession subject to revised versions of existing tax policies for security or goods.
The working group has already played an influential role in shaping the emerging approach to Washington in cryptocurrency regulation. While it does not set a law, it has It contributed The main recommendations on the regulations that frameworks cover digital assets, stablecoins, market structures, taxation, precautions and administration.
These ideas can be seen in July’s way of the Genius Act, The Clarity Act, and the Anti-CBDC Surveillance State Act-policies that address everything from stablecoins and market structure to restrictions on Central Bank Digital Currency.
Trump signed the Genius Act on the law on July 18. The clarity and works of the CBDC passed the House of Representative and the Senate would be considered when lawmakers returned from their retrospect in August.
Related: SEC has approved in-kind creations and redemption for crypto ETPs
US Crypto Industry Cheers Positive Regulation
The Trump administration’s push for crypto law improves regulatory scenery for digital asset adoption. Following the passage of three major crypto bills in July, the Atlantic council mentioned: “The most likely outcome is that more companies, including banks, will jump off offering crypto assets.”
That shift is already underway. Major Wall Street playersIncluding JPMorgan, Citigroup and Bank of America, have begun signing plans to enter the Stablecoin market.
“For Americans, this means that your bank can offer you stablecoins and perhaps even tokenized ways to invest in the stock market,” added the Atlantic Council.
Industry insider stated at Cointelegraph That the Genius Act, in particular, can be a major catalyst for real-world asset tokenization by removing obstacles to regulation and digital dollars improving ramps in the tokenized economy.
Michael Sonnenshein, former CEO of Grayscale and President of Tokenization Company Securitize, said The Wall Street Journal whose genius is likely to draw on market participants.
“For any of those who have given the owners who may be on the sides or are hesitant to go with the world to the world of tokenized securities, it now offers a little additional air cover,” Sonnenshein said.
Related: Tokenized funds in the currency market appeared while Wall Street’s response to Stablecoins
