US Accelerates Cryptocurrency Regulation Efforts Amid Clarity Act Push
The US government has accelerated its efforts to regulate cryptocurrencies, with President Trump pushing for the passage of the CLARITY Act.
In a major development, the SEC has proposed rules governing the regulation of cryptocurrency assets, while the CFTC has warned that it will establish an independent framework for regulating crypto markets if Congress does not act soon.
Trump met with representatives from several major cryptocurrency companies, including Coinbase and Ripple, to discuss the impact of the CLARITY Act on US employment, innovation, and attracting cryptocurrency businesses back to the country. The meeting focused on finding a compromise on the bill's ethical provisions, which Trump believes may unfairly target individuals.
The SEC has also proposed a framework for regulating crypto assets, which would allow certain types of digital funding to be exempt from full securities registration under certain conditions. Meanwhile, former Signature Bank chairman Scott Shay has launched a new project called N3XT Digital Dollar (NDD), a digital dollar stablecoin that runs on public blockchain and is backed by cash and short-term US Treasury bonds.