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US senator bill may shield crypto exchanges from SEC enforcement actions 

The Digital Trading Clarity Act of 2022 focuses on providing regulatory clarity around classifying digital assets and related liabilities

US crypto bill

Source: unsplash.com

U.S. Senator Bill Hagerty introduced legislation that might protect cryptocurrency exchanges from “certain” Securities and Exchange Commission (SEC) enforcement actions. It aims to provide regulatory clarity around the classification of digital assets and related liabilities under existing securities laws.

“The current lack of regulatory clarity for digital assets presents entrepreneurs and businesses with a choice: navigate the significant regulatory ambiguity in the U.S., or move overseas to markets with clear digital asset regulations.”
Senator Bill Hagerty

The regulatory uncertainty discourages investments in the crypto industry and hampers job creation opportunities in the US. As a result, legal ambiguity “jeopardizes the United States’ leadership in this transformational technology at such a crucial time.” Therefore, much-needed certainty would improve the growth and liquidity of U.S. cryptocurrency markets.

To turn the bill into law, it needs approval from the Senate, the House and the President of the United States.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.