“Legislators Convened a panel to Discusses What Stablecoin and Market Structure Bills Need to Address.”, – WRITE: www.coindesk.com
The Wednesday Hearing, Framed As the Jumping-Off Point for Further Congression Action on Digital Asset Regulations, Was The FIRST HOSTED by the Banking Committee’s New Digital Assets Subcom. Republican cynthia lummis, A Longtime Crypto Proport.
“We’re on the precipice of finally creating a bipartisan legislative Framework for Both Stablecoins and Market Structure,” Lummis Said in Her Opening SHEEMENT, REFERRING TO DRAFERRING TO DAFERRING TO DAFERRING SHE. York Democrat Kirsten Gillibrand as A Natural Counterpart to the House’s Financial Innovation and Technology for the 21st Century Act.
Stablecoins Will Be First on the Committee’s Agenda Thought, She Said, Echoing Statements Made by White House Crypto and Ai Czar David Sacks and South Caarolina Republican TIM TIM Banking Committee.
Former CFTC Chair Timothy Massad, One of the Hearing’s Four Witnesses, Told The Lawmakers to Focus on Stablecoin Legislation for the Moment and Defer Any Market Structure.
“For Four Years, The Crypto Industry Has Called On the Sec and CFTC to Develop Rules and Guidance and to Stop Regulatory by Enforcement; that is now,” He Said. “The Sec Has Droped Enforcement Cases and Launchened a Crypto Task Force to Tackle These Issues. We Should Let Let These Regulatory Issue Initiatiats Make Progress Bees.
Existation Proposals to Update Market Structure Regulations to Address Crypto have the potential to “Create More Confusion than Clarity Something Else.
These Proposals Could Potentilly Undermine Existering Securities Laws, Especially if they Address Decentralized Finance.
“That term is used to describe a lot of things that are aren’t decentralized,” Massad Continueded. “There Are Almost Always Some Vectors of Control. And Even if A Process Is Decentralized or Automated, That Does Not Mean IT Should Be Exempt From Regulation.”
Virginia Democrat Mark Warner Asked The Panelists to Discussiness of Stablecoin USERS CONDUCTING KNOW-YUUR-Customer Processes, Noting that An Issuer Mayer Mayer Ky. Between Wallets with Those Intermediate Transfers Going Through A Kyc Process.
“I Want to Get To A Regulatory Framework that Works, But I Have Seen – Echoing What Oters Have Said from The Classified Side – Oh My Gosh, A Whole Bunch of Bad Stuff,” War. “SO HELP ME FIGURE OUT, AND I RECOGNIZE [for] some people, the anonymity and and the DisinterMediation Role the Blockchain Plays, But How do we put some minum protections from Issuer All the Way Back to Fiat? ”
Lightspark Co-FOUNDER AND CHIEF Legal Officer Jai Massari Noted that Even Thought Thought Self-Custodied Wallets Don’t Conduct Kyc, “There is an Immutable on -Chain Record. Not Only by the Issuer, But [by] Third Parties, Including Law Enforcement. ”
While Mixers and Other Tools Can Obfuscate Transactions, Custodial Wallets Still Conduct Kyc at the End of A Chain of Transfers, She Noted.
“I Agree That We Need To Continue, As The Industry Has Done, to Develop New Tools to Address Thsse Issues,” SAID MASSARI.
