Connect with us

Hi, what are you looking for?

Economy

Digital Chamber Applauds New Stablecoin Bill Amid SEC’s Crypto Crackdown

The Chamber of Digital Commerce praised Sen. Hagerty for leading the Senate version of the Clarity for Payment Stablecoins Act.

This Act will provide the necessary clarity so innovative, USD-backed tokens can thrive in security and predictability, benefiting innovators and consumers.

Chamber Applauds Hagerty for Stablecoin Bill – Stablecoin Market Reaches $173B

The Chamber of Digital Commerce commended Sen. Hagerty for introducing the Senate version of the Clarity for Payment Stablecoins Act. This Act aims to provide the regulatory clarity needed for USD-backed coins to grow securely, benefiting innovators and consumers.

This is all happening amidst SEC crackdown with crypto companies. Just a few days ago Crypto Com filed a lawsuit against the US Securities and Exchange Commission.

The main reason is the fact that he SEC is broadening its jurisdiction to classify most crypto asset transactions as securities, but it is making exceptions for Bitcoin and Ethereum.

As the stablecoin market reached a $173.35 billion market capitalization, its further development has been hampered by the lack of clarity around its regulation.

The Chamber of Digital Commerce, a US advocacy group, represents the interests of the blockchain, bitcoin, digital currency, and digital assets industry.

The Crypto Council for Innovation, the premier global alliance working to advance innovation and inclusive regulation, also praised Hagerty’s move.

stablecoin bill drop.

CCI appreciates @SenatorHagerty‘s leadership with today’s release of this bill. CCI continues to be fully engaged on the Hill to best promote responsible stablecoin innovation to ensure US leadership. https://t.co/tJldU6AN8q pic.twitter.com/QFLIgMBG3f

— Crypto Council for Innovation (@crypto_council) October 10, 2024

It was a direction in which this kind of regulation became an urgent need. From Federal Reserve Chair Powell to Treasury Secretary Yellen, everyone pressed upon Congress for clear guidelines. One can view delays in action as disruptive to progress.

Senator Hagerty’s bill represents the next step in that process and includes regulatory clarity the market needs. According to Cody Carbone, President of The Digital Chamber, further delay is no longer tolerable; the moment is urgent.

While this proposal differs appreciably from the House companion bill introduced by House Financial Services Committee Chairman Patrick McHenry, they share an essential feature: both would permit state regulation of these coins issuers.

This necessary flexibility allows for fostering innovations even as regulatory consistency and consumer protection go further. It clarifies for issuers that they can operate under either a federal or state regulatory regime and will enable the growth of stablecoins within a sound regulatory framework.

Hagerty’s Proposal Fuels Crypto Debate, Signals GOP Policy

Hagerty’s proposal adds a new layer to the possible crypto debate that will heat up after the November elections. As House Republicans work to push through their plan and a broader piece of legislation to remake SEC and CFTC crypto oversight, Hagerty’s efforts mean it will gain more steam.

He sits on the Senate Banking Committee, which gives him leverage in shaping digital asset regulation. His bill will be one of the hot points going forward.

Moreover, the Hagerty bill may provide insight into the type of stablecoin policies that Republicans would emphasize during a second Trump presidency. The winning odds are turning in favor of the Republican Presidential Candidate. Many Polymarket bettors have tipped the 78-year-old politician over his Democrat counterpart, Kamala Harris.

As background reading, you may want to examine some of the recent papers on token regulation and the roles of the SEC and CFTC regarding digital assets. The Digital Chamber’s crypto regulatory developments reports may be worth reading.

The post Digital Chamber Applauds New Stablecoin Bill Amid SEC’s Crypto Crackdown appeared first on CoinGape.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com