After Donald Trump became president of the USA, many important steps were taken regarding Bitcoin (BTC) and cryptocurrencies.
While many bills supporting cryptocurrencies were presented and passed, an important move came from Democratic senators.
According to Fox Business reporter Eleanor Terrett’s post, Democratic senators have also taken action and presented a seven-article bill regarding the cryptocurrency market.
Terrett said that 12 Democratic senators announced a detailed framework for the cryptocurrency market structure today.
With this step, the minority party also showed that it is ready to work on comprehensive crypto reform.
Democratic senators outlined plans to regulate the digital asset market structure, from token classification to DeFi oversight, in the seven-article bill.
The proposed framework calls for negotiations with Republicans on ethics restrictions, sanctions and the pace of legislation.
The group, which includes Senators Ruben Gallego, Mark Warner, Kirsten Gillibrand, and Cory Booker, argued that the nearly $4 trillion global cryptocurrency market is too large to remain shrouded in regulatory uncertainty.
Their plan emphasized investor protection, closing regulatory loopholes and curbing what they described as potential corruption linked to Trump and his family’s various crypto ventures.
According to the 7-article bill presented by Democrats;
- “There is no institution regulating the spot market of cryptocurrencies; this task should be given to the CFTC.
- The laws for projects that issue tokens and cryptocurrencies are not clear, transparency must be ensured.
- Specifically, digital asset platforms serving US users must be required to register with FinCEN as financial institutions. This would further bring exchanges, custodians, and other intermediaries into the purview of the Bank Secrecy Act, AML regulations, and sanctions enforcement.
- It’s unclear which asset is a security and which is a commodity. This needs to be clarified, and clear rules should clarify which asset has which status.
- DeFi is seen as a significant tool for illicit finance and is being misused. To prevent this, a dedicated regulatory framework for the DeFi world should be established.
- Elected officials and their families should not issue, monetize, or support any cryptocurrency while in office.
- Finally, financial regulators like the SEC and CFTC should be provided with more funding and bipartisan representation on regulatory bodies should be ensured.”
- *This is not investment advice.
Source: https://en.bitcoinsistemi.com/us-democrats-say-were-in-theyve-introduced-a-7-point-cryptocurrency-bill-that-will-anger-trump-here-are-all-the-details/
