Sen Elizabeth Warren (D-Mas) on Wednesday planned to prepare its “principles” for the law-making laws of the road for the digital assets market.
Warren, a vocal critic of the Senate Banking Committee’s top Democrats and the Crypto industry, are offering their framework in contrast to the principles laid forward by their Republican colleagues as a precursor to a crypto market structure bill.
“I worry what my Republican colleagues are targeting, another industry is a handout that gives everything to the crypto lobby in its wish list: the blessings of government’s approval, combined with the crypto rules that are weak compared to the rules, every other financial actor must follow,” he will say in a comment on Wednesday hearing.
Warren argues that the new Crypto rules should not open a back door to destroy long -term securities laws “or allow the permission of turmoil in the crypto market to spread in the traditional financial system.
She also underlines that traditional security and anti-laundering rules should apply to the industry and call for restrictions that “stops the President’s crypto corruption”.
In the crypto space of President Trump and his family, from Stabecrim to meme coins to bitcoin mining, there has been a growing concern for Democrats as the Congress considers several pieces of the Crypto law.
“If we are going to provide road rules for Crypto, we need to close this superheave for the President’s corruption at the same time,” Warren planned to say. “We need a crypto law that will strengthen our financial system, not make it worse.”
Warren’s principles Senate Banking President Tim Scott (RS.C.) and Sensor. Synthia Lumis (R-Wyo.), Thom Tilis (RN.C.) and Bill Hagernnn are contrary to those unveiled, in late June, whose innovation was focused on innovation.
The principles of Republican Senator for Crypto market structure asked to modernize the regulation to promote innovation and ensure illegal finance measures, “targeted and supporting-invocates.” He also suggested that federal financial regulators should “welcome innovation.”
The law comes with competition on the law as the Senate prepares to put forward its own crypto market structure bill after passing the Genius Act last month. The Genius Act, which is ready to take the house next week, attempts to create a regulatory structure for stabechoin.
The market structure law relates to the comprehensive crypto market, aimed at monitoring the industry between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Scott and Lummis said at the end of last month that they are now targeting to pass a market structure bill by the end of September, which is leading the earlier August deadline.
