BlockBeats News, October 14th – TD Cowen’s Washington research team leader Jaret Seiberg stated that the Republican and Democratic parties are negotiating cryptocurrency industry regulation, but progress has been slow. Senate Banking Committee Republicans have introduced a bill aiming to allocate jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and create a new term “digital asset” to clarify which cryptocurrencies are not securities. Progress in the Senate on passing cryptocurrency market structure legislation has been sluggish, and this bill may need to wait until after the midterm elections to pass.
Last week, Senate Democrats released a six-page proposal aimed at preventing illicit activities in the decentralized finance sector, but faced strong opposition from Republicans and the cryptocurrency industry. Seiberg pointed out that the true obstacle for Democrats is their proposal to ban senior government officials and their family members (including the President) from owning cryptocurrency companies. (The Block)
