"U.S. virtual asset market-structure bill unlikely to be processed this year... negotiations to begin from January next year"

Uk Jin

Summary

It reported that discussions on the virtual asset market-structure bill currently underway in the U.S. Senate are likely to resume in earnest only in January next year due to the year-end recess.
It stated that the key issues are ethics rules related to digital assets, whether stablecoins are tied to yields, the SEC's regulatory authority, and how to handle decentralized finance (DeFi).
Industry insiders said they expect the continuity of negotiations and the possibility of substantive progress with the start of negotiations in January next year.

Actual progress in discussions on the virtual asset (cryptocurrency) market-structure bill currently being legislated in the U.S. Senate is expected to be postponed until January next year, as differences over some issues have not narrowed ahead of the year-end recess.

On the 13th (Korean time), crypto-focused outlet CoinDesk reported that as discussions on the virtual asset market-structure bill in the U.S. Senate enter the year-end recess, it is highly likely that actual progress will be delayed until January.

According to the outlet, a draft of the virtual asset market-structure bill is currently being distributed privately among industry participants, and the bill was partially disclosed at a White House meeting last Thursday led by President Donald Trump's virtual asset adviser, Patrick Witt.

There are four main issues blocking discussions: ▲digital-asset-related ethics rules for government officials, including President Trump, ▲whether stablecoins (virtual assets whose value is linked to fiat currency) should be tied to yields, ▲the scope of regulatory authority of the U.S. Securities and Exchange Commission (SEC), ▲and how to handle decentralized finance(DeFi·DeFi).

The White House is reported to have refused to negotiate on digital-asset-related ethics rules raised by the Democratic Party.

However, Cody Carbone (Cody Carbone), Digital Chamber (Digital Chamber) CEO (CEO), said, "Both sides are very eager to negotiate," adding, "Postponing discussions until January does not change the course of negotiations. I expect there will be substantive progress."