Lawmakers are pushing forward with a crypto bill that could shape the industry’s future, as they met with senators and industry advocates on Wednesday. The meeting, which lasted about an hour and a half, covered key issues like defining what is a security or commodity, decentralized finance, and determining intermediaries.
The Senate Banking Committee has drafted a bill that would regulate the crypto industry by allocating jurisdiction between two agencies and creating a new term for “ancillary assets” to clarify which cryptocurrencies are not securities. Industry advocates and traditional finance experts attended the meeting to discuss these issues.
A memo from The Digital Chamber CEO Cody Carbone described the meeting as productive, with key Senate leaders present, including Chair Tim Scott and Sen. Mark Warner. However, tensions between crypto firms and trade finance players were evident, with some arguing that stablecoin yield regulations could be improved.
Despite disagreements, Calvert noted that people at the meeting wanted to reach a compromise, and the bill is expected to move forward in January after initial delays. The Senate Banking Committee will now review updated draft bill, which was circulated on Tuesday night, and consider voting on it before the end of the year.
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Source: https://www.theblock.co/post/383049/lawmakers-are-like-a-steamroller-crypto-tradfi-and-senate-banking-committee-members-meet-to-discuss-crypto-bill