Republican Senate members Absolute The principles of directing the legislation of the digital assets market, which represents a big step towards organizational clarity that can benefit Bitcoin and the broader encryption industry. Senate Chairman Tim Scott (R-S-SC), along with Senator Centum Loms (R-Thom Tillis (R-NC), and Bill Hagerty (R-Tn), announced the balance of innovation with consumer protection.
Principles address the organizational uncertainty that Bitcoin afflicted and digital assets, focusing on clear judicial limits between agencies and modern control methods of digital assets.
“Since the Chairman of the Board of Directors, it has led a new approach to regulating digital assets.” “These principles will be an important basis line for negotiations on this draft law, and I hope that my fellow politicians will set aside and provide a long clarity for regulating digital assets.”
The frame covers six main areas, starting with determining the legal status of bitcoin and other digital assets. Senators suggest proving the legal differences between securities and digital commodities of assets and commodities, providing the ability to predict the participants in the industry.
“While the European Union and Singapore have put clear regulations, the United States continues to sit on the margin while the digital asset industry is seeking more green pastures. It changes today.”
Principles call for a clear organizational jurisdiction, preventing any one organizer from obtaining a comprehensive authority on digital assets. The framework aims to distinguish between central companies, decentralized protocols such as Bitcoin, and non -guardian software.
More importantly, the proposed legislation aims to maintain the rights of bitcoin self -needs and recognition of Blockchain technology that works on Bitcoin for non -financial purposes that should not face financial products regulations.
The frame is updated by the regulations through new exemptions to collect donations for digital assets and specially designed compliance paths that can benefit bitcoin companies. It realizes the distinctive symbol as the development of the infrastructure.
Consumer protection is still a priority with this market structure, as he sees central bitcoin exchanges and mediators subject to registration requirements and risk management, including capital standards and custody protection in bitcoin possessions.
Senator Hajari pointed to the impact of organizational uncertainty on the innovation of Bitcoin: “The lack of a clear organizational authority forced the innovation of digital assets beyond our borders. By working towards a reasonable framework, we can enhance our nation’s economy and protect consumers.”
The issuance of these principles of the market structure comes as important to the important legislative momentum of digital assets, including the approval of the last Senate Law-the Stablecoin legislation in which Senator Hajari participated alongside President Scott and Senator Lomes. Senator Hajari also observed after the approval of the genius law, “The United States is one step that it becomes the world of encryption in the world,” and the principles of the new market structure represent the next decisive step on that trip.
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