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U.S. Senators Introduce Comprehensive Crypto Regulation Bill
A bipartisan group of Republican senators has introduced a comprehensive draft bill to reform the digital asset market in the United States. The proposal aims to expand the existing CLARITY Act and provide clarity on crypto regulations.
Cynthia Lummis, a senator from Wyoming, played a pivotal role in crafting this bill alongside Senate Banking Chair Tim Scott and other co-sponsors. Senator Lummis emphasized the importance of reducing regulatory uncertainty and enabling blockchain innovation within U.S. borders.
The proposed draft creates a new category for “ancillary assets” to distinguish specific crypto tokens from traditional securities. This move would exempt certain token sales under $75 million annually for four years, simplifying compliance processes for early-stage startups. Additionally, the bill directs the Securities and Exchange Commission (SEC) to revise the definition of investment contracts to align with modern crypto technologies and markets.
The proposed draft also includes tailored disclosure frameworks designed specifically for non-security tokens, aiming to enhance transparency without overburdening businesses with unnecessary regulations. This approach is an attempt to strike a balance between innovation and investor protection, reflecting a shift towards more nuanced crypto regulation.
This comprehensive proposal encourages the SEC to request input from industry stakeholders through a Request for Information (RFI), focusing on key areas such as custody practices, illicit finance risks, and emerging challenges tied to blockchain systems.
Source: coincentral.com
