The Senate Banking Committee has unveiled a new bill regarding cryptocurrency regulation that may change the landscape in this sector.
Classification of Digital Assets
The bill classifies most digital assets as 'ancillary' and not securities by default. This change signals a revision of the status of secondary crypto transactions.
Distribution of Responsibilities Among Regulators
Responsibility would be shared between the SEC and the CFTC, with the latter gaining broader authority. SEC would be required to adjust existing financial regulations to fit crypto use cases while maintaining investor protection.
Feedback from Market Participants
The committee also issued a formal request for stakeholder feedback, raising questions about exchange operations, custody models, and illicit finance prevention. This step emphasizes the importance of considering industry opinions.
The proposed bill serves as a foundation for creating a more adaptive regulatory environment for cryptocurrencies in the US, which may enhance the country's attractiveness as a hub for innovation in this field.
