US Senator Introduces bill to protect cryptocurrency exchanges from undue access by the SEC
A Republican senator is introducing a new bill that would protect cryptocurrency exchange platforms from certain enforcement actions by the United States Securities and Exchange Commission (SEC).
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According to a recent press release, Bill Hagerty of Tennessee is introducing the Digital Clarity Act of 2022 as a means to protect crypto exchanges from excessive access by the SEC and provides regulatory clarity on how virtual assets are classified.
Haggerty said that regulatory ambiguity is making investment and job creation difficult for crypto companies operating in the US, hindering industry growth.
As Haggerty stated in a press release,
“Current regulatory ambiguity for digital assets leaves entrepreneurs and businesses with a choice: Navigate significant regulatory ambiguity in the U.S. or move overseas to markets have clear digital asset regulation.
Unfortunately, this uncertainty discourages investment and job creation in the United States and jeopardizes US leadership in this transforming technology at such a critical time.
This legislation is an important step in providing digital asset brokers with much-needed certainty and removing barriers to entry currently hindering money market growth and liquidity. United States electronics.
No specifics were given about what enforcement actions by the SEC would be mentioned in the bill to protect cryptocurrency exchanges.
Earlier this year, Hagerty also introduced the Stablecoin Transparency Act, a bill that would clarify which crypto assets qualify as stablecoins and how they should be backed.
The bill would require stablecoins to be backed by US dollars or government securities with maturities of less than 12 months. It will also require issuers of dollar-pegged crypto assets to disclose their reserves in audited reports.
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