US senator bill seeks to cushion crypto exchanges from SEC enforcement actions

US senator bill seeks to cushion crypto exchanges from SEC enforcement actions

United States Senator Bill Hagerty is a member the Senate Banking Committee and introduced legislation to provide a safe harbor for cryptocurrency exchanges in response to “certain” Securities and Exchange Commission enforcement actions.

Sen. Hagerty introduced the Digital Trading Clarity Act of 2222. It aims to clarify regulatory issues around two major concerns facing crypto exchanges: (i) the classification of virtual assets and (ii), related liabilities under existing securities law.

A bill that provides digital asset intermediaries with a safe harbour from certain enforcement actions by Securities and Exchange Commission and for other purposes. Source: congress.gov

Senator Hagerty gave an overview of regulatory obstacles and the problems they create.

“The lack of regulation clarity in digital assets gives entrepreneurs and businesses the option to either navigate the regulatory ambiguity in the U.S. or relocate overseas to clear digital asset regulations.

According to Senator Hagerty the regulatory uncertainty cited above discourages investment in crypto spaces and hinders opportunities for job creation in the US. The blockade, Sen. Hagerty said, “jeopardizes America’s leadership in this transformative technology at such an important time.”

Senator Xavier believes that the legislation would provide crypto-businesses with “much-needed security” and also help to increase the growth of the U.S. cryptocurrency markets.

The Senate, House, and President must approve the legislation before it can be made law.

Related: US legislators propose to amend cybersecurity bill to include crypto-firms reporting potential threats

Parallel to the US senators’ recommendations for regulatory reforms, the federal government intensified efforts to examine the feasibility of digital currency central banks (CBDCs).

The Office of Science and Technology Policy (OSTP), under Biden’s directive, analyzed 18 CBDC design options — outlining the pros and cons of each.

“It is possible for the technology that underpins a permissionless approach to improve over time. This might make it more appropriate to be used in a CBDC program.”

Technical evaluations for U.S. CBDC systems revealed that the department was inclined to a hardware-protected, off-ledger system.

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