Republican Senator Tim Scott from South Carolina says that a bill that wants to create an extensive regulatory framework for the digital assets space will become the law later this year.
In a new interview with FOX News, the chairman of the Senate Committee for Banking, Housing and Urban Affairs, says that a bill that will help to thrive and innovate Crypto companies will be assumed later this year, which is against the position of the latest regime on digital assets.
“There is no doubt that under the Biden administration and [Chairman Gary] Gensler on the sec – they just didn’t like crypto. What I have said very often is just this: we have to innovate before we regulate. This means that innovation can be done here at home in the space for digital assets, is crucial for American economic dominance around the world.
The good news is that President Trump leads the way to a crypto revolution that starts here at the banking committee. And that is why we quickly moved the brilliant act … It went through my committee in a two -part way. Next [is] Market structure … I believe [it will be] proceeded in the law in August. ‘
The Genius Act, which establishes regulations for Stablecoins, is on the way to the senate floor for a vote after the Senate bank committee has approved the bill with a dual vote of 18-6.
Although Scott says that a bill to set up a crypto market structure is the following, he has not mentioned a specific piece of legislation.
However, a bill that fits with the fungus is the market structure of the digital assets and the investor protection law, which would give the legal futures futures trading commission (CFTC) legal authority on digital assets, while the US Securities and Exchange Commissioner ACTSIFE ACTSIONOSOUSOM.
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