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SEC Chair Urges Fast-Track Crypto Market Structure Bill as White House Sets Deadline

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U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has referred to as on lawmakers to speed up efforts to cross a complete crypto market construction invoice, whereas the White House expects it to be handed in 2025.

Speaking in an interview with Fox Business, Atkins said the company is working carefully with each the House and Senate to supply technical assist on securities regulation and tackle current gaps in oversight.

Atkins Urges SEC-CFTC Alignment as Lawmakers Push Market Structure Bill

“We need to see this recover from the end line,” Atkins mentioned, referencing latest progress in Congress. He pointed to the passage of the GENIUS Act earlier this year, which gave statutory recognition to stablecoins, as proof of rising momentum.

He added that the subsequent precedence is establishing a transparent market construction framework that directs each the SEC and the CFTC to coordinate by joint rulemaking.

The turnaround got here following direct intervention from President Trump, exhibiting the White House’s position in shaping the digital asset agenda. The administration has set a deadline for the Crypto Assets Market Structure Act to succeed in President Trump’s desk by the tip of 2025.

White House Council of Advisors on Digital Assets govt director Patrick Witt reiterated at Korea Blockchain Week that the invoice is anticipated to cross, describing it as a step towards lowering uncertainty within the crypto sector by clarifying SEC and CFTC jurisdictions.

The measure is a part of a broader bundle that features the Senate’s Responsible Financial Innovation Act, with provisions spanning stablecoins, market construction, and taxation.

Senate negotiations are ongoing as the Banking Committee prepares its model of the laws. On September 22, twelve Senate Democrats released a joint statement calling for a bipartisan drafting process, stressing that digital belongings, now a $4 trillion international market, require broad consensus.

Lawmakers, together with Senators Kirsten Gillibrand, Cory Booker, and Mark Warner, warned towards shifting ahead with a Republican-led invoice the ultimate enter from Democrats.

They outlined seven ideas for oversight, together with clarifying SEC-CFTC jurisdiction, regulating non-security token spot markets, and addressing illicit finance dangers.

Chairman Scott initially set a September 30 deadline to finalize the legislation, although aides now counsel discussions could lengthen into late October to permit for higher Democratic involvement.

The present draft proposes making a joint SEC-CFTC committee to harmonize regulatory steering whereas granting the CFTC expanded authority over digital belongings not categorized as securities.

Despite disagreements over authorship, lawmakers on each side acknowledge the urgency of advancing a unified framework for digital belongings. The coming weeks will decide whether or not bipartisan consensus could be reached earlier than the invoice proceeds to a full Senate vote.

SEC’s “Project Crypto” and New Legislation Signal Turning Point for U.S. Oversight

U.S. lawmakers are intensifying efforts to redefine digital asset oversight, with the SEC and its Chair, Paul Atkins, on the middle of the talk.

A newly revised draft of the Responsible Financial Innovation Act has reignited debate over how U.S. regulators ought to oversee digital belongings.

Released on September 7, the bill seeks to clarify the roles of the SEC and the CFTC whereas providing protections for builders in decentralized finance (DeFi) and rising sectors such as decentralized bodily infrastructure networks (DePINs).

The draft additionally proposes a Joint Advisory Committee on Digital Assets, requiring each companies to publicly reply to its nonbinding suggestions.

“The SEC and CFTC should align to cut back regulatory overlap, get rid of pointless friction, and assist innovation,” SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham mentioned in a joint assertion. A public roundtable is scheduled for September 29.

Meanwhile, House Republicans have linked the Anti-CBDC Act, which bans a Federal Reserve-issued retail digital greenback, with the bipartisan CLARITY Act to advance each measures by the Senate.

Atkins has additionally outlined a friendlier stance towards crypto. Speaking on the Wyoming Blockchain Symposium, he mentioned “only a few” tokens ought to be thought of securities, contrasting with former Chair Gary Gensler.

The SEC’s “Project Crypto,” launched final month, is anticipated to publish preliminary steering on tokenization and DeFi by late 2025

The put up SEC Chair Urges Fast-Track Crypto Market Structure Bill as White House Sets Deadline appeared first on Cryptonews.

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