US Senate Banking Committee Targets April for Crypto Market Structure Legislation
- Senator Bill Hagerty announced a potential timeline for a digital asset market structure bill to be discussed in the banking committee starting next week.
- The legislation, originally named the CLARITY Act, aims to shift oversight from the SEC to the CFTC.
- Concerns over stablecoin yield and ethics have delayed progress, with hopes for completion by April.
- The crypto-backed PAC Fairshake has reported over $130 million spent on media for the upcoming elections and has a $193-million budget ahead of the November midterms.
- Coinbase’s legal officer noted that lawmakers are nearing an agreement on key issues related to stablecoins.
The proposed legislation is seen as crucial for establishing a comprehensive framework for stablecoins and other digital assets in the US market, especially as it approaches significant political events like the midterm elections.
With expectations of moving through committee by April, this bill could reshape regulatory oversight significantly before the midterms.(Source)
