According to Deep Tide TechFlow, on June 24, U.S. Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott, along with Senators Cynthia Lummis, Thom Tillis, and Bill Hagerty, jointly released principles for the structure of the cryptocurrency market aimed at guiding future cryptocurrency legislation.
The principles emphasize six key directions: clarify the legal status of digital assets, distinguish between digital asset securities and commodities; clarify the responsibilities of regulatory agencies to avoid a single all-powerful regulator; modernize regulations to promote innovation, including new exemptions for digital asset financing provided by the SEC; protect the rights of traders and implement innovation-friendly registration requirements for centralized intermediaries; establish anti-money laundering measures that promote innovation; and federal financial regulatory agencies should welcome responsible innovation and provide clear guidance.
The principles particularly emphasize the protection of self-custody rights, distinguish between centralized and decentralized platforms, and recognize that tokenization is an evolution of financial infrastructure rather than a fundamental change.