Stable coins, not Bitcoin, focus

Today, the Senate Banks subcommittee to digital assets, entitled “Exploration of non -partisan legislative framework for digital assets”, organized its mostly witnesses to StableCoin regulation.

Senator Cynthia Lummis (R-WY), a long-time supporter of the Bitcoin and Digital Asset Industry, led the hearing with the support of the sub-committee of the subcommittee, Senator Ruben Gallego (D-AZ).

The witnesses included Tim Massad, former CFTC chairman and research fellow at the Kennedy School of Government at Harvard University; Jai Massari, Chief Legal Officer near Lightspark; Jonathan Jachym, global director of politics and government relationships with octopuses; and Lewis Cohen, partner at Cahill Gordon & Reinindel LLP.

Senator Lummis stated the tone for the meeting and explained that she intended to contribute to adopting non -partisan laws for Bitcoin and stable coins. (This was one of the few times during the meeting in which the word “Bitcoin” was mentioned. One of the only other times was in the hearing when Massad spoke that he influenced objections to the creation of a strategic bitcoin reserve.)

Massad emphasized the importance of monitoring stablecoin transactions during the entire hearing. He proposed to expand the AML challenges (anti-money laundering) associated with stable coins in order to cope with the AML challenges (anti-money laundering), and even suggested that intelligent contracts are designed in such a way that the risk of bad actors is used with them.

“[We might] Program Intelligent contracts so that transactions cannot be carried out unless someone has been properly checked, ”said Massad.

Massad also suggested that StableCoin issuers “monitor aggressively” the StableCoin activity to keep an eye on AML violations.

Massari pointed out that the authorities can also monitor stablecoin transactions because they run assets on public blockchains. She also called for a reasonable regulation in the technology-solve it is not too persistent.

“We have a tendency [when regulating] Financial services to take the new thing and put it in the old, ”she said.

In addition, she campaigned for a “common series of standards” to rule StableCoin emitters so that users can feel more secure in all stable coins who are properly supported.

Jachym tried to shift the focus of the hearing of stable coins on the law on the market structure for digital assets, and claimed that it was “critical” that the regulatory authorities create clear guidelines for which digital asset are and which are not.

However, he didn’t get much recording. Massad said that the discussion of stablecoins is more important than the discussion of the market structure calculation, which means that the market structure calculation is not an urgent matter, since the supervisory authorities can work together with existing securities laws in order to regulate the cryptoma markets.

Jachym emphasized the point that “the jurisdiction lines lines [around] Digital assets should be easy ”and said that“ the lack of regulatory certainty in the United States has hindered growth [in the crypto industry.]””

Cohen made a similar claim and explained that crypto entrepreneurs in the United States feel the constant threat of legal disputes and alluded to the former second chairman Gary Gensler’s “regulation through exploration”.

He also announced that the “uncertain regulatory environment endangered both consumers and users of digital assets.

Senator Bernie Moreno (R-OH) was the only participant in the hearing, which directly put down the request of the US government to regulate digital assets.

“The government has this total and complete wish to control things,” said Senator Moreno, who continued to say that a number of recent technologies were used for illegal purposes, not only for crypto.

“Why suddenly when we came to digital currencies, we thought here in Washington, DC, that we will decide on the pace of innovation?” He closed.

Throughout the meeting, the members of the subcommittee asked the witnesses that the United States should assign around the world if they should be used to model their digital wealth regulation framework.

Massad made the case for Europe and the markets in the framework conditions for crypto-assets regulation (Mica), which the European Union put into force, while Jachym proposed to find states such as Wyoming in which octopuses are based to learn from the crypto laws that the state’s legislator was passed.

While the senators of the subcommittee and the present show various perspectives on the issues discussed, a certain feeling penetrated the hearing, namely that it is high time that politicians are clear on both sides of the gang to create clear rules of the street for the crypto industry.

“The cross -party support for cryptopolitics is no longer a distant goal on the horizon,” said Jachym with a certain feeling of relief.