Senate Republicans Revise Crypto Regulation Bill with 126 Democrat-Driven Changes
The US Senate Republicans have revised the Digital Asset Market Clarity Act, incorporating 126 changes requested by Democrats. The bill aims to provide a comprehensive regulatory framework for digital assets, classifying them as either commodities or securities.
The revisions focus on three key areas: ethics rules for federal officials, stablecoin oversight, and trading protocol registration. Under the revised bill, federal officials holding $15,000 or more in token-issuing businesses must divest their holdings or place them in a blind trust.
The Treasury Department's authority has also been expanded to regulate rewards and incentive programs offered by payment stablecoin issuers that threaten community banks. Decentralized and semi-decentralized trading platforms would need to formally register with the Commodity Futures Trading Commission (CFTC).
Despite these changes, Democratic leadership remains unsatisfied, citing inadequate consumer protection measures and insufficient market integrity safeguards.