The US Senate voted in favor of the new bill for the cryptocurrency sector. Bipartisan support gave the green light to new rules that protect investors and developers in this segment.

The new bill, called the Crypto Asset Market Clarity Act, was sponsored by the Chairman of the Agriculture Committee, Republican John Boozman, and Democrat Cory Booker.

With the proposal, the Senate seeks to define “which digital assets should fall under the purview of the Commodity Futures Commission (CFTC) and which will remain under the jurisdiction of the Securities and Exchange Commission (SEC).”

With the approval of this proposal, the category of “fungible digital assets” would be introduced into the regulations already under discussion. This category encompasses blockchain-based crypto assets that allow direct transfers between users without intermediaries. This definition excludes stablecoins, NFTs, and tokens of a speculative or humorous nature.

Key aspects of the bill include mandatory registration for cryptocurrency brokers, exchanges, and custodians; regulations against market manipulation, protection of client funds, and cybersecurity protocols; the appointment of a compliance officer responsible for fraud prevention; and exceptions for software developers and self-custody wallets.

If approved, the new law will establish an 18-month period for the CFTC to draft the final regulations, as well as a transition period for platforms to adapt.

M.Pino

Source: cripto247

(Reference image source: Kanchanara on Unsplash)

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