The Republican Party in the US Senate has put forward a final proposal for the Crypto Bill, aiming to break the legal deadlock and advance the regulatory framework for the digital asset market.
After years of deadlock in establishing a legal framework for digital assets, the Republican Party in the US Senate has just put forward what it calls a “final proposal” in negotiations for a bill regulating the cryptocurrency market. This move aims to push the Crypto Bill to be formally discussed in the Senate Banking Committee, instead of continuing to delay it as before.
Background of the proposal for the Crypto Bill
According to legislative sources, the Republican Senate group on the Banking Committee has sent the Democrats a document summarizing the negotiation progress and a list of final concessions. This document includes over 30 significant amendments related to the structure of the crypto market, as well as new chapters on investor protection and the prevention of illicit financing.
This is XEM as an attempt to break the long-standing deadlock between the two parties, amid continuous calls from the digital asset industry for Congress to quickly enact clear and unified regulations.
The main objective of the Republican party.
The proposal is centered around three major objectives.
First, establish a clear legal framework for the digital asset market, ending the overlapping jurisdictions among federal regulatory agencies.
Secondly, the proposal is to shift the primary supervisory Vai for the majority of crypto assets from the U.S. Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). Republicans argue that the CFTC's approach, Capital with commodity and Derivative markets, is better suited to the decentralized nature of many digital assets.
Third, bring the bill to the "markup" stage at the Banking Committee as soon as possible, thereby allowing senators to formally amend, debate, and vote on each provision.
Points of contention regarding the Crypto Bill
Despite being called a "final proposal," this document still hasn't resolved all the disagreements between the two parties.
Some Democratic lawmakers are calling for stricter ethics provisions to limit conflicts of interest and the misuse of digital assets for political purposes. In addition, the issue of whether to allow or restrict yield-generating crypto products is also a major point of contention, due to concerns about direct competition with the traditional banking system.
Furthermore, there is still no complete consensus on the legal classification of stablecoins and Token issued through new models.
Expected legislative progress
According to plan, the Chairman of the Senate Banking Committee is pushing for a markup session for the bill in the near future. However, the likelihood of the bill passing still depends on whether the two parties can narrow their differences in the final rounds of negotiations.
With the election year fast approaching, time pressure on Congress is increasing, especially with bills that have far-reaching impacts on financial markets and technological innovation.
Implications for the Crypto market
If passed, this bill could mark a significant turning point for the digital asset industry in the United States. A clear legal framework would help crypto businesses define their compliance obligations, reduce legal risks, and facilitate greater participation from institutional Capital .
At the same time, clearly defining the roles of regulatory bodies also helps investors gain more confidence in the transparency and stability of the market, thereby promoting the long-term development of the crypto ecosystem.
The Republican Party's submission of a "final proposal" for the Crypto Bill indicates that the legislative process in the United States is entering a crucial stage. While many points remain to be agreed upon, this signals that Congress is seriously XEM establishing a comprehensive legal framework for the digital asset market, after years of delays and debate.
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The article "US Republican Party Makes Final Proposal for Crypto Bill" first appeared on CoinMoi .
