Republicans called a digital asset market structure bill a bipartisan effort despite pushback from some Democrats on certain provisions. Cryptocurrency industry leaders, US lawmakers and experts are weighing in on a digital asset market structure bill set for a markup in the Senate Banking Committee on Thursday, and each group has voiced different views about whether to support or oppose certain aspects of the legislation. In a Tuesday notice, Republicans on the Banking Committee, led by Senator Tim Scott, released a “myth vs. fact” sheet on the market structure bill, called the CLARITY Act. According to lawmakers in majority control of Congress, it was a “myth” that the legislation “was written by industry and serves industry interests,” claiming that it focused on investor protection. “The bill has been shaped by years of bipartisan work, extensive engagement with regulators and law enforcement, and a focus on public-interest outcomes,” said Senate Republicans. “It strengthens national security, protects in...
Senator Cynthia Lummis has led a group of lawmakers urging financial regulators for “fair capital treatment for on-balance sheet treatment of digital assets.” A group of Senate Republicans has urged US financial regulators to clarify the capital standards for companies engaged in crypto activities. Senator Cynthia Lummis said on Thursday that she led the group in sending a letter on May 27 to Federal Reserve Vice Chair for Supervision Michelle Bowman, Federal Deposit Insurance Corp. Chairman Travis Hill, and Comptroller of the Currency Jonathan Gould. The letter commended the agencies’ guidance in March that clarified the capital treatment of tokenized securities, but urged them “to build on that progress to move towards a clear and fair capital treatment for on-balance sheet treatment of digital assets.” Read more