The U.S. Senate Banking Committee released a set of principles for developing market structure legislation on Tuesday. The principles were released by Senate Banking Committee Chairman Tim Scott, Digital Asset Subcommittee Chair Cynthia Lummis, and Senators Bill Hagerty and Thom Tillis.
The proposed principles review existing law to provide increased legal predictability, precision, and important regulatory certainty. Senator Tillis emphasized their priority is to provide legal clarity and certainty without stifling innovation as Congress considers the regulatory framework for digital assets.
Principles towards a legal definition for digital assets
🚨UPDATE: @SenatorTimScott, @SenLummis, @SenThomTillis, & @SenatorHagerty release principles for digital asset market structure legislation. These are the guiding principles for a bipartisan effort to clarify the law, promote innovation & protect investors.
Read more: https://t.co/5NVwlsUvlZ
— U.S. Senate Banking Committee GOP (@BankingGOP) 24/6/2025
The Senators announced that the principles are intended to guide discussions and negotiations with industry, legal and academic experts, and government stakeholders on the legislation. The principles also emphasize the need for legislation to clearly define the legal status of digital assets.
Senator Lummis argued that the United States is in dire need of digital asset laws that promote responsible innovation while protecting consumers. She also noted that while the European Union and Singapore have established clear regulations, the United States is lagging behind as the crypto industry seeks a more favorable environment.
Officials noted that there is a need for a clear distinction between digital asset securities and digital asset commodities. The distinction should be fixed in law, building on existing law to provide predictability, legal precision, and regulatory certainty, according to the senator.
“For too long, the absence of clear regulatory authority has pushed digital asset innovation beyond national borders and exposed issuers, exchanges, and developers to tremendous uncertainty. By moving toward a streamlined and streamlined market structure, we can strengthen our nation’s economy and protect American consumers.”
– Bill Hagerty, Senator from Tennessee.
The Senate also supports a clear division of authority among regulatory agencies to prevent the emergence of a single overarching regulator. The principles recognize that not all distributed ledger technology should fall under the regulatory umbrella of the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
U.S. officials are proposing a new SEC exemption for certain forms of digital asset fundraising to be included in the bill. They also want the agency to review registration requirements for digital asset issuers, creating a clear path for innovators to comply with the regulations.
The Senate said the legislation should clearly distinguish between the different risks and benefits of centralized companies, DeFi protocols, and non-custodial software platforms. They proposed not to apply the centralized company principles to decentralized protocols. The principles also argued that the application of distributed ledger technology and smart contracts for non-financial purposes such as health data management should not be regulated as financial products.
The Senate recommends that centralized digital asset intermediaries be subject to the same innovation-friendly registration and risk management requirements as other centralized intermediaries. The law should also ensure that customer assets are protected in the event of bankruptcy.
Senator Scott Pushes GENIUS Act Forward
Chairman Scott asserted that he has led a new approach to digital asset regulation that has delivered results for the crypto industry and the American people. He looks forward to building on the success of the GENIUS Act.
Scott said the principles will be an important foundation in the bill’s negotiations. He hopes colleagues will put politics aside to create transparency in digital asset regulation.
The Senate passed the GENIUS Act on June 17, opening a regulatory path for private companies to issue stablecoins authorized by the federal government. The National Innovation and Guidance Establishment for Stablecoins Act was passed by a vote of 68-30.
The bill creates a regulatory framework for the cryptocurrency industry with requirements for adequate reserves, monthly audits, and anti-money laundering compliance. It also opens the door to a range of new issuers, from banks to fintechs to large retailers, who want to launch stablecoins or integrate them into existing payment systems.
Treasury Secretary Scott Bessent revealed to the Senate Appropriations subcommittee earlier in June that the U.S. stablecoin market could grow nearly eightfold, surpassing the $2 trillion mark in the next few years.
Source: https://tintucbitcoin.com/thuong-vien-de-xuat-nguyen-tac-tien-dien-tu/
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