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Controversial Cryptocurrency Bill Sparks Battle between Industry and Regulators in the United States

Debate over Digital Asset Market Structure Discussion Draft and its Implications for Crypto Regulation

Fri, 14 Jul 2023, 04:16 am UTC

The tumultuous world of cryptocurrency is no stranger to controversy, and it is currently at the center of a fierce debate in the United States. The focus of the storm is the Digital Asset Market Structure Discussion Draft bill, a potential game-changer proposed by the House Financial Services Committee. However, the bill is facing strong opposition from a coalition of U.S. industry regulators, who argue that it is merely a façade for the crypto industry's self-serving agenda.

This alliance, which includes Americans for Financial Reform and the Center for Responsible Lending, has expressed their objections by presenting a comprehensive argument against the draft bill. They claim that the crypto industry's support for this legislation is primarily driven by self-interest rather than the promised "innovation" in their field. They believe that the industry has yet to demonstrate any utility beyond speculation, making their request for regulatory flexibility problematic.

Furthermore, the industry regulators take issue with the proposed changes to the assessment procedures of the U.S. Securities and Exchange Commission (SEC). The draft bill suggests adopting an innovation-focused approach to rulemaking in the securities market, a proposition that regulators find troublesome.

These objections come at a critical juncture. The SEC, which will be responsible for implementing the proposed framework, has recently initiated legal action against two prominent cryptocurrency exchanges—Coinbase and Binance. However, the response from the crypto community has been relatively indifferent, with little impact on the price of Bitcoin.

These industry watchdogs urge Congress to support the SEC's efforts to enforce existing rules rather than altering the status quo. They believe that doing so will protect consumers in the volatile cryptocurrency market.

Meanwhile, the future of the crypto industry in the United States remains uncertain. In contrast, governments in Europe and Asia are rolling out the red carpet for crypto businesses seeking new homes, further complicating the situation.

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