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A Crypto lobby group claims that the track is back on the track.
The report released last week, the Securities and Exchange Commissions and the Commodity Futures Trading Commission mark a potential end for a long -standing turf war, which classification and regulates cryptocurrency.
“We have legal predecessors – bitcoin, ether and many other digital assets are very high for innovation in a special interview with coinlagraphs.
“The President’s working group report shows this, (and) I think CFTC will play an important role for monitoring these assets, which are digital commodities – not securities.”
Kim, who attached the report of the report to the White House, said “The Time is Now” said to take an edge in the global crypto race. While other courts have a one -year head start, the US is now in “Crypto Sprint”, the second and CFTC plans to implement the report with the CFTC signaling schemes.
American race for Crypto Capital
Second, the previous administration faced criticism from the Crypto industry for its regulation-by-enforcement approach from the Crypto industry, agreed to the Crypto firms based on the cases filing the lawsuit. That crackdown was combined with, known as “Operation Chokpoint 2.0”, which was known as Crypto firms lost the account for traditional financial services.
“This is another example where the report is so clear and strong and positive – it makes it clear that banks should be allowed to engage in diverse asset activities,” Kim said.
The previous impurities in the US regulatory environment offered offshore to many crypto companies. Dubai quickly emerged as a top destination, with a dedicated crypto regulator. Singapore and Hong Kong also increased in popularity, providing biased tax treatment and formal licensing system for cryptocurrency exchanges.
But the grass is isn’n’lways Granner. Although the regulator clarity is improving globally, industry players are learning that the Crypto-Fride-Southing US is not always interested.
Earlier this year, Dubai’s Virtual Asset Regulatory Authority tightened supervision and gave 30 days to the firms to follow the updated rules. Singapore only expelled unlicensed firms exploiting regulatory flaws by serving foreign customers. And Hong Kong’s cautious pace in issuing the license has made it clear that it is not welcoming all the applicants.
Hong Kong’s Stabechoin Ordinance, which was implemented by the previous Freedy, formed a new licensing regime for Stabeline issuers. The European Union has its own stabelcoin rules, which is part of its broad markets in Crypto-assets (Micah) Framework. The US response came as the Genius Act, which has been postponed as a major tool for conservation of dollars in the global funding system.
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This is the place where Crypto enters the heart of a broader geopolitical power struggle. China is working to supercharges its fiat current, Renminbi’s internationalization through its central bank Digital Currency (CBDC). In contrast, US President Donald Trump signed an executive order in January, banning any US government and banning the CBDC.
Kim supports the stance, arguing that CBDCs pose a threat to a director to privacy. Instead, he indicates the talent act as a viable, market-powered option.
“With genius, you can see a lot of growth and development (in private stabecines).
Meanwhile, Hong Kong’s Stabecrim rule is expected to play a strategic role in CHBDC ambitions. Chinese academics argue that Hong Kong’s Stabelcoin Network may allow Beijing’s digital currency to integrate global stabeloin ecosystem.
US SEC’s “Project Crypto” and CFTC’s “Crypto Sprint”
Shortly after the White House’s crypto report was published, The Second United “Project Crypto,” One initiative aims to develop formal guidance for digital asset firms and to draw the USS to the USS in response to the report of the White House.
The other proposed to streamline licensing by allowing brokerages to conduct Act asset classes with integrated license. Its purpose is to estim a clear division between securities and objects.
Etkins said, “It should not be a scarlet letter for a safety,” Etkins said. “Many issues will prefer flexibility in product design that the securities law, and investors will benefit from the Opportune to acquire securities, voting rights, and other characteristics of securities.”
Connected: Operation Chokpoint 2.0 learned lessons in Congress hearing
Meanwhile, CFTC is keeping itself a more central role in regulating non-protection digital assets. Acting CFTC President Caroline Fam said on August. 1.
That division of labor – with regulating Spot markets to CFTC for digital communities and focusing on the second token securities – is at the center of the Clarification Act, which Kim has described as assivietial to terminate the jurisdiction tag -off -wise between the two agencies. While the Bill has been passed in the House, it is still waiting for a step in the Senate.
“You will see an increase in cooperation between the two agencies. To work together on clarity, guidance and rules,” Kim said.
We do not have crypto clarity deregulation, CCI says
Bitcoin (BTC) supporters voiced how the report of the White House Crypto missed the mark, as it lacked an anticipated update for the bitcoin reserve.
At the same time, the echo came out of the crypto industry. A coalition of more than 80 organizations reporting cidyies and consumer groups opposed the clarity act, claiming that the crypto industry “deragulats” by claiming that risky businesses legalized.
Recently, joined by Senator Elizabeth Warren, Senator Christ Van Holene and Ron Widen, urged the office of the currency to address the capacity of interest from the Trump family Cryptocurrency Ventures.
But Kim disagrees with that framing. For him, the report of the White House and the regulator development that includes genius and clarity, the representative changes the regulator philosophy, not in deregulation.
“I don’t think this is the deragulation,” he said. “I think it’s saying,” Hey, we recognize the unique characteristics of digital assets. Industry road clear rules. “
With two top finance watchdogs now, the US appears roughly and ready for ambiguity.
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