“Two House of Representatives Hearings Dug Into the Details of the Current Legislation to Regulate US Crypto Markets, But Trump Loomed Over the Discussions.”, – WRITE: www.coindesk.com
The House Financial Services Committe and Huse Agriculture Committee Committee Both examined the Changes ContemPlated by Digital Asset Market Clarity Act, with Witnesses in the Fincial Committee Communication Commodity Futures Trading Commission and A Former Acting Chairman of the Securities and Exchange Commission.
Republican Lawmakers Praized The Bill As An Urignally Needed, Long-Awaited Answer to Both the Digital Assets Industry’s Desperation for Clear Rules and Also to The Concens that Cryns Flee Overseas if the US Fails to Match the Regulatory Work that’s Moved Far Ahead in Other Jurisdices, Including in Europe and Asia.
“This is the Future, and We Better Get Our Act Act Together,” Said Representative Bill Huizenga, The Vice Chairman of the House Financial Service Committe Protections.
Crypto Bills in the House and the Us Senate in this and the Previous Congressional Session Have Cleed Multiple Voting Tests to Demonstrate Significant Bipartisan Support. However, Democratic Lawmakers Who Have Been Among Those Yes Vots in Committees and On the House and Senate Floors have suggeted that the potential conflicts-of-oferast demonstaTrated in Crypto Business Interests Must Be Added to Maintain that Support.
Representative Jim Himes, A Connecticut Democrat Who Was Once A Banker at Financial Giant Goldman Sachs Group Inc., Said He’s in that Category.
“The Way to Deal with The Trump Stuff is to make Sure that this Bill have-Literally-Platinum Consumer Protections,” He Said, City Money-Laundering Constraints and Also. officials. “I will not vote Yes On this Thing Unless It Does.”
Democrats have an Openly Acused Trump of Corruption in His Crypto Dealings, in Who and His Family Are Are Reportedly Collecting Millions in Profits and Fees From. as the federal government debates how to regulate Those Same Activities the Trumps are involved in.
Almost All The Republicans on the Financial-Services Panel Maintained A Distance From the Democrats’ Chief Complaint, Only Mention Trump’s NAME WHEN Praising His Administration for ITS CRYPTT. THEN REPESENTATIVE ANDY Barr of Kentucky Leapt Into the Fray Directly, Adonising The Democrats’ “Carelessly Thrown-Out Accounting and This Baseless
“They Know That President’s Assets Are In A Blind Trust Managed by His Children Who Are Not Members of the Administration,” Barr Contended, Thought Blind Trusts Are Knowledge of Their Investments – Not A Description of Trump’s Relationship with his Family Business. The Lawmaker Said the Democrats’ Opposition Is “About Them Opposing American Leadership in Crypto.”
Himes Criticized Barr’s “Ill-Advised and Cheap Shot That We Are Engaging in Politics.”
Democrats Also Raceded Other Issues with the 236-Page Clarity Act, Arguing that Haven’t Had Enough Time to Get a Handle on the Hugely Complex Legism Consumers, Falls Short on Dealing with Crypto in Illicit Finance and Potentilly Leaves Loopholes for Existing Securities Firms to Use The New Rules to Dodge Regulation.
“On the One Hand, We’re Trying to Protect People Investing in Crypto, But On The Other Hand, We’re Doing Things That May Undermine Protections in Our Tradiol Securities Markets,” Former CFTC Chairman Who Now Focuses on Digital Assets at Harvard University’s Kennedy School of Government.
“We Must Not Screw up Existation Securities Regulations or Standards,” Himes Said, Asking Wy The Bill’s Special Securities-Regulation Examptions for Certain Investment Contrakts for Digital Legislation’s Exampions Might Be Abused by Sophisticated Securities Lawyers.
But Committe Chairman French Hill Argued This Bill is “More Robust” on Consumer and Market Protections Who The Predecessor Legization in the Last SESSION, WHICH DREW YES VOTES.
While the House May Be Able to More Easily Advance Controversial Legislation, The Senate Generally Requires Wide Bipartisan Support to Clear ITS Particular Hurdles. So, democrats there must be on Board Bead the Market Structure Bill Can Become Law.
Next Week, The Clarity Act May Get a Markup in Hill’s Committee – A Formal SESSION IN WHICH Legislation is Debated and Amended Before Potentally Being Advanced to the Overall House. The Financial Services Panel’s Ranking Democrat, Representative Maxine Waters, SAID ON WEDNESDAY THAT THAT THIS NEXT STAGE COULD COURCE ON JUNE 10.
Read More: US HOUSE REPUBLICANS OFFICALLY INTRODUCE Crypto Market Structure Bill
X Icon
