U.S. Senators Release Crypto Market Structure Principles Ahead of Hearing
U.S. senators have outlined principles to regulate domestic crypto markets, preparing for discussions in an upcoming hearing. Key points include:
- Distinction between digital securities and commodities
- A regulatory structure preventing a single overarching authority
- Implementation of pro-innovation money-laundering protections
- Encouragement of federal regulators to adopt flexible guidelines
The House has advanced its Digital Asset Market Clarity Act, while the Senate recently passed the GENIUS Act concerning stablecoins. A Senate hearing is scheduled to discuss market structure legislation.
Senator Cynthia Lummis emphasized the need for U.S. regulations as the country falls behind jurisdictions like the EU and Singapore. Crypto lobbyists are evaluating strategies regarding the two bills, considering options for merging or passing them separately amid bipartisan support, despite Democratic concerns over illicit finance and national security.