The U.S. Senate’s work on the crypto industry’s top policy priority — a bill to establish the regulatory workings of crypto markets in the U.S. — advanced further on Friday with the private circulation of a new draft bill that further outlines protections for crypto developers, bankruptcy guidelines for some digital asset issuers and how federal regulators can support tokenization in financial markets.
Despite the big lobbying win this year in which the U.S. House of Representatives passed the Digital Asset Market Clarity Act that represents one approach to setting crypto market structure, the House’s work has represented only a broad jumping-off point for the Senate, which is pursuing its own version that is expected to take the lead as the policy most likely to be enacted.
The much lengthier new version obtained by CoinDesk would establish legal protections for those “developing, publishing, constituting, administering, maintaining or otherwise distributing” a distributed ledger system or a “decentralized finance messaging system.”
The new market structure draft from Senate Banking has the best developer protections language we have seen to date. Still digging into the rest of the bill, but this is worth celebrating immediately.<
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Author: Jesse Hamilton
