Key Issues Highlighted, Including Ban on Stablecoin Interest and Protection of Software Developers… Bill Scheduled for Deliberation on the 14th
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Stricter Ban on Stablecoin Interest · Ban on President Holding Virtual Assets
The submitted amendments focused primarily on three key areas: stablecoin revenue distribution, protection of software developers, and ethics regulations for public officials.
Democratic Senators Jack Reed and Tina Smith have submitted an amendment to strengthen the ban on stablecoin interest payments. The amendment would prevent stablecoin issuers from distributing interest earnings from deposits to users.
Senator Chris Van Hollen proposed an amendment to completely ban the president, members of the federal legislature, and their families from holding virtual assets. The aim is to prevent conflicts of interest by blocking public officials from directly owning coins or becoming involved in related businesses.
Software Developer Criminal Liability Exemption · Rebuilding Cryptocurrency Enforcement Team
Senator Catherine Cortez Masto proposed the creation of a Safe Harbor provision for software developers. This measure aims to protect developers creating software related to blockchain protocols or cryptocurrencies from criminal liability.
Senator Andy Kim proposed rebuilding the National Cryptocurrency Enforcement Team under the Department of Justice. This organization is a federal investigative agency dedicated to handling crimes related to virtual assets.
Clarification of virtual asset regulatory jurisdiction is key.
The core objective of the Digital Asset Market Structure Act (CLARITY Act) is to clarify cryptocurrency jurisdiction among regulatory agencies. Currently in the United States, confusion persists within the industry due to overlapping or unclear regulatory authority regarding virtual assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The submission of over 100 amendments signifies that significant differences in opinion remain within Congress regarding virtual asset regulation. The Democratic Party places emphasis on consumer protection and strengthening public official ethics, while the Republican Party prioritizes fostering the industry and protecting innovation.
The Senate Banking Committee will deliberate on the bill and submitted amendments on the 14th. This discussion is expected to be a critical turning point in determining the future direction of the U.S. virtual asset regulatory framework.
Choi Joo-hoon joohoon@blockstreet.co.kr
