On Tuesday, the U.S. Senate Banking Committee's Digital Assets Subcommittee plans to hear testimony from former regulators and industry leaders to consider legislation for establishing a digital asset market structure framework.
In prepared testimony for the Tuesday hearing, former Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam stated that the agency's "current trajectory will be unsustainable" if the gaps in cryptocurrency regulation are not addressed. He suggested that lawmakers consider focusing on market structure requirements that emphasize "customer protection, avoiding conflicts of interest, and market resilience."
"I do not believe public interest in digital assets will wane; inaction will only increase risks to our financial markets and investors through a lack of market transparency, fraud, market manipulation, corruption, and conflicts of interest," the testimony read.
The Senate's hearing on the market structure framework comes as the House weighs its own bill—the "Digital Asset Market Clarification Act" (CLARITY Act). The bill passed through committee in June and is expected to go for a full House vote soon.
According to the Republican leadership of the Digital Assets Subcommittee, any legislation addressing cryptocurrency market structure should "clearly define the legal status of digital assets," allocate authority among regulators to prevent "an all-encompassing regulatory body," and focus on protecting those who trade or purchase cryptocurrencies.
"While the EU and Singapore have established clear regulations, the U.S. continues to sit on the sidelines, while the digital asset industry is looking for greener pastures," said Wyoming Senator Cynthia Lummis, who chairs the Digital Assets Subcommittee. "This needs to change today."
The Senate's bipartisan effort to establish a cryptocurrency market structure follows the passage of a regulatory bill on stablecoins with votes from many Democrats and Republicans. On June 17, the Senate passed the "U.S. Stablecoin National Innovation and Establishment Act" (GENIUS Act), which will next be sent to the House for consideration.
Massachusetts Senator Elizabeth Warren, a senior member of the Banking Committee and a critic of former President Donald Trump's ties to the cryptocurrency industry, may address some of the president's conflicts of interest if this matter is brought before the full committee. Warren voted against the GENIUS Act and criticized the president regarding his family's stake and control in World Liberty Financial, which is also a stablecoin issuer.
Related: Several Senators Absent from "Bipartisan" Crypto Market Structure Hearing
Original article: “Former U.S. Top Regulator Warns of Conflicts of Interest as Senate Weighs Market Structure”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
