The US Senate is aiming to introduce comprehensive legislation regarding the structure of the digital asset market by the end of September 2023.
Senate's Goals for Digital Asset Regulation
Senate Banking Committee Chair Tim Scott emphasized the need for Congress to act swiftly to enable the digital asset market to function effectively. He set a goal of passing a market structure bill by September 30.
Support from Senators and Expectations
Senator Lummis pledged support, stating, "You’re the chairman, and we will do as you wish. We will make sure we’re ready to do that." Lummis, a long-time crypto advocate, earlier expressed frustration over legislative delays, indicating she would be "extremely disappointed" if the legislation concerning stablecoins does not pass before 2026.
Expected Provisions of the Bill
The proposed legislation is expected to provide clearer regulatory guidelines for digital asset firms operating in the US, including defining which digital assets fall under the jurisdiction of the SEC versus the CFTC.
The proposed legislative initiative is expected to significantly impact the digital asset market in the US by providing clear regulatory frameworks for its participants, facilitating more effective market operations.
