New Crypto Bill Could Potentially Shift Regulatory Power Away from SEC Affecting XRP
Main Idea
The CLARITY Act proposes shifting crypto oversight from the SEC to the CFTC, establishing a multi-agency framework to redefine crypto regulation and classify most digital assets as 'ancillary' to exempt them from securities laws.
Key Points
1. The CLARITY Act aims to limit the SEC’s authority over crypto by redefining regulatory responsibilities between the SEC and CFTC.
2. Most digital assets would be classified as 'ancillary,' exempting them from securities laws by default.
3. The bill expands the CFTC’s role while adjusting the SEC’s mandate to address enforcement complexities.
4. It includes provisions for money laundering (AML) standards, custody rights, and systemic risk mitigation.
5. Senator Cynthia Lummis supports the bill as part of efforts to make the U.S. a global hub for crypto innovation.
Description
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