The U.S. Senate Banking Committee, led by Tim Scott, has released six core principles aimed at digital asset regulation. These principles lay the groundwork for a future legislation draft.
Defining Asset Types
The principles stress the importance of clearly distinguishing between digital asset securities and commodities. This clarity would help create a consistent legal framework and reduce uncertainty for businesses and investors.
Dividing Regulatory Oversight
Jurisdiction would be clearly divided among regulators like the SEC and CFTC. Importantly, the plan avoids setting up a new crypto-specific regulator. Rules would be adjusted based on whether a platform is centralized or decentralized.
Protecting Consumers
The principles include consumer protections for centralized crypto platforms, including capital requirements, clear custody rules, and ensuring customer assets are safeguarded during bankruptcies.
The proposed principles are a significant step toward comprehensive digital asset regulation in the U.S., marking bipartisan intent to address crypto policy.
