The US Senate has introduced a groundbreaking crypto bill aiming to redefine regulatory boundaries between the SEC and CFTC, promising clearer rules for digital assets.
This legislation proposes allowing crypto exchanges to register with the CFTC, a move welcomed by industry experts as it could foster innovation and reduce regulatory uncertainty.
According to COINOTAG, Senator Tim Scott emphasized that the bill is designed to facilitate bipartisan cooperation, marking a pivotal step toward comprehensive crypto regulation in the United States.
US Senate’s new crypto bill challenges SEC authority, favors CFTC oversight, and aims to clarify digital asset regulation for a balanced market framework.
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The newly introduced bill by Senators Tim Scott and Cynthia Lummis represents a significant legislative effort to delineate regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). By defining when a digital asset qualifies as a security versus a commodity, the bill intends to eliminate the ambiguity that has long plagued the crypto market. This clarity is expected to enhance compliance and foster a more stable investment environment, encouraging both institutional and retail participation.
One of the most notable provisions in the bill is the allowance for crypto exchanges to register with the CFTC. Many industry stakeholders view this as a favorable alternative to SEC oversight, which has historically been perceived as more stringent and less adaptable to the fast-evolving crypto landscape. The CFTC’s regulatory framework is considered by some experts to be more aligned with the unique characteristics of digital assets, potentially accelerating innovation while maintaining necessary investor protections. This shift could also reduce regulatory bottlenecks and improve market efficiency.
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Source: https://en.coinotag.com/us-senates-new-crypto-bill-could-shift-bitcoin-regulation-from-sec-to-cftc/