Crypto politics in the US reaches new heights as GOP embraces crypto, risks included. The question stands: are they keeping America's best interests in mind? (Via CointelegraphZN)
In other words, much of the more than 160-page draft bill only applies, with any certainty, to two digital assets: Bitcoin and Ether. Meanwhile, protocols with any level of centralized operations remain under the jurisdiction of the Securities and Exchange Commission. Though an improvement on the status quo, the path to SEC compliance under DAMS is comparatively convoluted.The GOP may soon have a shot at defining America’s crypto policy.
As a first step, Republicans must bury the half-baked notion that crypto is antagonistic to the traditional financial system. They also must overcome their aversion to the SEC. In fact, Web3 and “TradFi” are deeply compatible, and America’s gold-standard security laws are a feature, not a bug. In the near term, policymakers should create clear SEC exemptions for digital assets so nascent U.S. protocols can get off the ground. Longer-term, officials should embraceMost importantly, U.S.
The House’s latest draft stablecoin bill is a good start and underscores McHenry’s policy chops in Web3, but lawmakers can do more. That includes, the issuer of USDC. In the Senate, Republicans should emulate Roger Marshall by working with crypto-savvy Democrats, including Warren, to draft industry-friendly KYC and AML rules.
Crypto doesn’t need to be “a scam against the dollar.” It can be a powerful strategic asset, but only if U.S. crypto policy truly puts America first. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of either Umami Labs or Cointelegraph.
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