Senate Banking Committee discusses virtual asset regulation... Republicans: “Need for a more relaxed approach”
Summary
- The Senate Banking Committee reportedly held a hearing on the Digital Asset Regulatory Bill.
- Republicans expressed the need for a more relaxed approach to virtual asset regulation, while Democrats raised concerns about conflicts of interest.
- These discussions proceeded ahead of the September 30 legislative deadline, and the House is also expected to review a separate bill.
The Senate Banking Committee held a hearing on digital asset regulatory legislation and began full-fledged discussions, with Republicans and Democrats showing differences in position.
According to Bloomberg on the 10th (local time), at the Senate Banking Committee hearing, Republicans called for a 'relaxed approach' to the regulation of virtual assets (cryptocurrencies), while Democrats expressed concerns over 'loopholes and conflicts of interest,' highlighting the diverging views.
Tim Scott, Chairman of the Senate Banking Committee, stated, "Our job is to establish clear and light safeguards for investor protection, fraud prevention, and responsible innovation."
In contrast, Raphael Warnock, Democratic Senator from the State of Georgia, noted, "This bill fails to address conflict of interest issues," adding, "Recently, former President Donald Trump and his family have been launching and attempting to list meme coins and proprietary digital assets on exchanges."
Meanwhile, these discussions proceeded ahead of the September 30 legislative deadline of the Senate Banking Committee, and the House is expected to review a separate bill next week.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
