By Brayan Juma — Chief Editor, GCHAM News
The crypto market has been left reeling after the Senate Banking Committee delayed its vote on the Clarity Act, a bill that aims to provide a clear regulatory framework for the industry. The delay has sparked concerns among investors and industry leaders, with Coinbase CEO expressing his disappointment with the bill as written.
The Clarity Act would determine which regulatory body has authority over the crypto industry, with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) being the two main contenders. However, Senate Democrats have pushed for ethics rules that would limit US officials from issuing, endorsing, or profiting from crypto, in an attempt to restrict the financial ties of the Trump family to the industry.
Coinbase, one of the largest crypto exchanges in the US, has come out against the bill, citing concerns over the regulatory framework. The company’s CEO, Brian Armstrong, took to social media to express his disappointment, drawing both support and criticism from the crypto community.
The delay in the vote has also had an impact on the crypto market, with Bitcoin and XRP prices falling in response to the news. Despite this, the crypto market is still looking positive, with many investors remaining optimistic about the future of digital assets.
The Senate Agriculture Committee has also delayed its hearing on the crypto bill, pushing it back to January 27. The committee is working to finalize the draft text before the hearing takes place, with the goal of providing a clear framework for crypto markets.
In other news, French regulators have warned unresponsive crypto firms ahead of the MiCA deadline, emphasizing the need for companies to comply with regulatory requirements. Meanwhile, robo-advisor Betterment has disclosed a data breach, in which a threat actor accessed customer information and sent scam crypto-related messages.
As the crypto market continues to evolve, it is clear that regulatory frameworks will play a crucial role in shaping the industry’s future. With delays and setbacks, it is essential for investors and industry leaders to stay informed and adapt to the changing landscape.
For more information on the crypto market and regulatory frameworks, please visit Reuters or Bloomberg.
Frequently Asked Questions
- What is the Clarity Act, and how will it impact the crypto industry? Learn more
- Why has Coinbase come out against the bill, and what are the implications for the crypto market? Read more
- What is the significance of the Senate Agriculture Committee’s delay, and how will it affect the crypto bill? Find out
- How will the MiCA deadline impact crypto firms, and what are the consequences of non-compliance? Discover more
- What steps can investors take to protect themselves from crypto scams and data breaches, such as the one experienced by Betterment? Learn how to protect yourself
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