David Sachs’s White House “Crypto Czar” has evaluated the establishment of Bitcoin (BTC) priority as the initial priority of the government as a administration’s early priority matters. I mentioned.
However, he answered a question about the US Soblinwealth Fund, and said that when he purchased bitcoin, Sacks would be evaluated individually.
SACKS has outlined the duties of a working group, including the cooperation with the Securities and Exchange Commission (SEC), to propose a framework for federal regulations between digital assets and StableCoins.
He stated that the last four years have been remarkable due to the uncertainty of regulatory authorities and have led to offshoring cryptocation innovation. Sacks has added that the Trump administration is aiming to reversing this trend by creating a structured regulatory environment that distinguishes compliant companies from fraudulent.
Senator Tim Scott, French Hill, John Bosman, and Glen Thompson also made a statement during the press conference.
Bosman emphasized that while the SEC is in jurisdiction over the securities, the product futures and trading committee (CFTC) regulates products. Thompson contains digital assets within the scope of technological evolution and explains as part of the “value Internet”, part of the Internet 3.0.
In addition, Scott said that the government has passed the Standing Coin’s law within the first 100 days of the administration, and that a wider range of reform will continue.
Enhancement of US dollars
Sacks reconfirm that StableCoin’s law is a priority, and has a potential role to secure US dollars as a global preparatory currency.
Almost at the press conference, Senator Bill Hagati introduced the clarity of the stable draft in 2024. The bill aims to establish a federal regulation framework for payment by US stubcoin.
This bill defines regulatory standards for issuing and managing paid stable coins, supported by reserves and operates in a structured legal environment. That Companies outlaws that they must be licensed as “permitted payment stable issuer” to create stubcoin in the United States.
These publishers include subsidiaries of insurance deposit organizations, non -bank paid stable issuers regulated by the offices of the Currency Secretary, and those who have a national qualified payment regulated by state funds. Includes.
The bill obliges StableCoin publishers to maintain 1: 1 preliminary support using US currencies, deposits, the Ministry of Finance, and other fluid assets. The publisher also needs to provide monthly disclosure of the preliminary configuration and receive independent audits.
In addition, the law prohibits the reserved amount re -guarantee, and it is necessary to comply with money laundering prevention regulations based on the Bank Secret Law. The bill has established a two -year moratorium on the stability of algorithms and instructs the Ministry of Finance to study risks and profits.
It also demands the development of StableCoins’ interoperability standards, and is encouraging a mutual agreement with an international jurisdiction area with similar regulatory frameworks. The law clearly exempts the paid stability of being classified as a securities based on the Federal Securities Law.
You can also select a state -level regulation of StableCoin, a market capitalization of less than $ 10 billion. If you exceed the excitement, you need to shift to the federal government.
The bill includes the provisions of customer protection, such as Casodians separating customer assets and complying with operational standards and reporting standards. If enacted, this law provides StableCoin publisher a clarity of regulations, enhances the role of US dollars in global finance, and promotes compliance and monitoring within the digital asset sector.
SEC Crypto Task Force
Press conference and bills have occurred in important regulations in the SEC industry, and the first cryptographic taskforce has been officially launched.
Taskforce is led by Hester Perth, a widely known “encryption mom” in the industrial regulation.
PEIRCE compared the regulatory approach to digital assets on the previous regulatory approach with uncertain road trips featuring ambiguity and execution -led actions. She added that Task Force is aiming to develop a regulation framework that balances the protection of investors and industry innovation.
PEIRCE emphasized that the handling of SEC cipher over the past decade has not been consistent and has led to the continuous lawsuit and uncertainty of market participants. Taskforce works in a regulatory organization and parliament to define a clear rule.
She also acknowledged that the clarity of regulations would take time, encouraging the public involvement to form a policy decision.
Secrypto Task Force focuses on defining the security status of Crypto Assets, reviewing token products framework, changing registration paths, and searching for investment advisor custody solutions.
Other areas of interest include encrypted lending, stating programs, and replacement products. Finally, Task Force also investigates potential regulatory cooperation across borders.
It is mentioned in this article
