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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On Thursday, October 30, the US Senate approved the repeal of the global tariffs imposed by President Donald Trump, which generated $88 billion in tax revenue between April and August.

The vote to reject Trump’s tariff policy was 51 in favor and 47 against, “with the support of Republican senators Rand Paul, Mitch McConnell, Susan Collins, and Lisa Murkowski.”

This Senate resolution follows two previous ones to eliminate tariffs on products from Canada and Brazil, respectively. According to Republican Senator McConnell, “the tariffs make it more expensive to both build and buy goods in the United States.”

However, it appears these measures against Trump’s tariffs are destined to be a symbolic act, “since they now go to the House of Representatives, where they have very little chance of passing given the Republican majority in the chamber.”

M.Pino

Source: bancaynegocios

(Reference image source: MIKE STOLL on Unsplash)

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La entrada US Senate overturns President Trump’s global tariffs apareció primero en Bitfinance.