Massachusetts Senator Elizabeth Warren is warning against a bill regulating the cryptocurrency market, stating that if the bill becomes law, publicly traded companies could essentially bypass U.S. securities laws.
During a Senate Banking Committee hearing on cryptocurrency market structure legislation on Wednesday, senior member Warren expressed her support for strengthening the regulation of digital assets in the U.S. financial system but raised concerns about the House's consideration of the "Digital Asset Market Transparency Act" (CLARITY Act).
The Massachusetts senator hinted that "non-crypto companies" might tokenize their assets to evade regulation enforced by the U.S. Securities and Exchange Commission (SEC).
"Under the House bill, publicly traded companies like Meta or Tesla could simply decide to put their stocks on the blockchain, and then—boom!—they would escape all SEC oversight," Warren said. "This is a serious problem for our country."
Warren also questioned the potential influence of Meta on lawmakers weighing the "U.S. Stablecoin Guidance and National Innovation Act" (GENIUS Act), as the company previously announced its own stablecoin plans.
These two bills, along with legislation limiting the development of a U.S. central bank digital currency (CBDC), are expected to be reviewed by the House starting Monday.
Wednesday's hearing marked the first time lawmakers discussed cryptocurrency market structure legislation in the Senate since the Senate leadership set a goal for passing legislation in September.
Ripple CEO Brad Garlinghouse, former Commodity Futures Trading Commission (CFTC) members, and others testified, sharing their views on how Congress is handling digital assets.
"More than 55 million Americans are participating in the crypto economy, which equates to a market cap of $3.4 trillion today," Garlinghouse said in his prepared testimony. "A smart regulatory framework for crypto market structure is crucial to achieving this future, and it should have been implemented long ago."
Former White House Chief Ethics Lawyer Richard Painter, invited to speak by Warren, added:
Both Warren and Painter specifically pointed out the connections between former U.S. President Donald Trump and the cryptocurrency industry, including through his family-supported business World Liberty Financial and the launch of his meme coin Official Trump (TRUMP).
The senator accused Republicans of responding to crypto lobbyists with "industry handouts" and refusing to address what she called the "corruption" issues stemming from Trump’s ties to the industry.
Bloomberg reported on July 2 that Trump added at least $620 million to his portfolio in just a few months due to crypto investments.
Related: Ripple CEO, former U.S. regulators to discuss market structure at Senate hearing
Original article: “Senator Warren: U.S. CLARITY Act Could Allow Tesla and Meta to Evade SEC Rules”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
