What happened?
U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has urged lawmakers to speed up the passing of a comprehensive crypto market structure bill. The White House expects this bill to be passed by 2025. Atkins has highlighted that both the SEC and the Commodity Futures Trading Commission (CFTC) are providing technical support on securities law and addressing gaps in oversight.
Who does this affect?
This development affects all participants in the crypto market, including users, investors, and blockchain developers. The proposed legislation will also impact agencies like the SEC and the CFTC, since it aims to set a clear market structure for them to coordinate through joint rulemaking. The bill’s progress could influence the direction of digital asset regulation in the United States.
Why does this matter?
This matters because the emerging crypto market landscape currently lacks a comprehensive regulatory framework in the US. This bill represents a step towards reducing uncertainty in the sector, determining how the SEC and CFTC should regulate digital assets, and establishing standards for dealing with new areas such as DeFi. A clear regulatory framework could lead to greater stability and growth in the crypto market.