The experts of the cryptographic industry so far hope that the long -awaited bill of representatives of the House of Representatives will establish rules for the Cryptography Markets of the USA. UU. It will obtain at least 30 Democratic voters when it reaches the time for a vote as soon as Wednesday afternoon, along with the majority of the republicans of 220 members in the camera.
Even as much of the sector is preparing to celebrate one of its most consistent legislative victories, some in the industry still want to fix what they see as serious failures in the act of clarity of digital asset markets when the Senate moves. That can be an option, because cryptographic lobbyists have been advised by the Senate contacts that the Chamber expects to write its own bill, which will have a strong overlap clearly, but can adopt different approaches in key areas.
“After years of regulatory immersion and regulation by the application, the law of clarity that passes the house will be an important and welcome step, even if it is not perfect,” said Chen Arad, co -founder and director of experience of Solidus Labs, in a statement to COINDESK. When the bill arrives at the Senate, he said that he would expect more work in “jurisdictional clarity” among regulators: the Basic Products Future Trade Commission (CFTC) and Bag and Securities Commission (SECOND).
Behind the scene, in places that include group phone calls between cryptographic executives and their legislators, leaders have urged the diverse cryptographic crowd to show a united front in the legislation to finally establish US regulations for the industry, according to people familiar with discussions. But decentralized financing (Defi) The arm of the digital asset space, for one, has had significant reservations on the drafting of the clarity law.
If the legislation passes with a bipartisan increase this week, then addresses the Senate for consideration. The Republicans of the House of Representatives called this “Crypto Week”, and are already moving in the procedure votes on Tuesday to see the most important votes of the bill, with the clarity law expected on Wednesday and the Genius law on Thursday.
President Donald Trump urged Republicans to support the cryptographic legislative impulse on Tuesday, presuming in a publication about Truth Social that he is putting the United States ahead of foreign competitors in China and Europe.
“We are leading the world and we will work hard with the Senate and the Chamber to obtain even more legislation on this approved!” Trump concluded.
Do-Over Senate?
The long clarity law would establish a totally new regulatory regime for the supervision of cryptographic markets, establishing clear definitions for different types of digital assets and assigning the surveillance agencies to specific roles, especially raising the CFTC as a main regulator of most operations in the crypto sector, because its most popular most popular action of most popular assets (BTC) It is a merchandise.
Although the president of the Senate Banking Committee, Tim Scott, said that the clarity law will be a “strong template” for the Senate’s work, the Senate demonstrated with the other great cryptographic bill, the regulatory guide of the stable and the establishment of national innovation for the United States. (GENIUS) Act, which can favor your own version. The legislators of the House of Representatives openly expressed concerns as recently as Monday night that their Senate counterparts ignore the details of their clarity. Last week, the Chamber acknowledged that it would yield its own Stablecoin bill in favor of the Senate version instead of trying to reconcile the two pieces of legislation.
The lobbyists of the industry have anxiously waiting for the specific language of the Senate Market Structure bill, since so far it only received a list of principles that key republican legislators intended to continue in their writing. While the lobbyists expect, the Senate Agriculture Committee, one of the two panels that the legislation needs to sign, is celebrating its opening hearing on the subject on Tuesday afternoon.
Among the points of debate between the cameras can be the maturity test in the clarity law that would effectively draw a border that delineates if a project belongs under the jurisdiction of values (SECOND) o Supervision of basic products (CFTC).
“It is great that the Blockchains foster bill to decentralize,” said Linda Jeng, founder and executive director of Digital Auto Labs and an academic who has focused on cryptography. “But there could be involuntary consequences that give the SEC and CFTC the authority to determine whether a block chain is ‘ripe’.”
That is one of the central principles of the clarity law, the method by which a project can eventually go to a decentralized state that takes it out of the reach of the regulation of values. And it is a component that argue that some within the defi space are not fairly handled.
Defi Insiders told Coindesk that there is not enough protection for the self -ocustody of digital assets in the bill and that their maturity test would favor some titular projects, which makes it difficult for the new participants to compete. They also shared concerns about the need to ensure that the federal preference on the mosaic of the state rules is clear, and an executive requested to expand the current language on the exemptions for the transactions of “digital products” that expanded to the “digital assets”, the projects would fight if they were required to pre-determine whether each action made or did not imply a product under the definition of the law.
When the Senate takes the reins, the camera will be even more intended with cryptographic interests that seek such changes. And if you write a different market structure bill, the Chamber can be pressed to vote that rewriting without making more changes, if the situation is repeated with the genius law. It is likely that Congress already goes through Trump’s initial deadline for cryptographic legislation, and the president has been anxious for the results.
In the end, even the work of the Senate will not be the last word, because once a regulatory bill becomes law, relevant surveillance agencies have to write their own rules to implement it, a complex process that can take more than a year to complete it and more to put it in force.
But the house has to act first before any of the rest can start.
House progress
As the vote of the clarity law approaches, digital asset lobbyists focus on the number of Democrats who finally add their Vows of Yes with Republicans. During last year’s vote on the predecessor bill, financial innovation and technology for the law of the 21st century (FIT21)71 Democrats threw their hats, although the Senate never acted.
This time, the defenders expect another large bipartisan number that will give the Senate a strong impulse on the ideas of the camera market structure. (The Senate Genius Law obtained an impressive approval of 68-30 in a chamber that is accustomed to scratching with thin votes).
Democratic leaders of the House of Representatives have chosen not to erect an obstacle to their own members in this bill, so they will be free to vote as they wish, said Rashan Colbert, director of policies of the United States for the Crypto Council for Innovation, which pointed out as an important development that eliminates the cryptographic Friday of cryptographic democrats.
“If we can obtain an overwhelming bipartisan vote here, then this clearly becomes a forced priority,” Colbert said in a Coindesk interview. “If it is a disappointing number, then I think it becomes more difficult,” he added. Representative Maxine Waters, the Democratic Ranking in the Chamber Financial Services Committee, has been trying to gather a resistance to the bill. It has some prominent allies in the AFL-CIO and in the Association of North America Administrators, the organization of Securities Regulators at the state level.
Consumer defenders have also intervened, with a coalition of them saying in a letter to Congress that the clarity law “guarantees that the cryptographic industry will receive a glove treatment for children with captured regulators, putting investors and the economy at significant risk.”
Even so, the industry has a wide margin of democratic support, especially the younger Democrats who have routinely achieved their leadership in cryptographic matters.
“It was a long way to get here, and I think it is not practical to believe that we will be able to turn this type of impulse again,” said Colbert de CCI. “For those who want regulation, this is an important moment to concentrate and support the process.”
Read more: The Gears Up for Crypto Market Structure Vote on Wednesday, Stablcoins Thursday
