📜 Republicans have rolled out a bill that finally divides powers between regulators:
— SEC will handle token sales, investments, and everything resembling securities — CFTC will control exchanges, brokers, and digital goods
⚙️ Inside, there are quite workable things: — Transparent registration of crypto companies — Strict KYC: where the money comes from, what assets there are, where and how they are stored — You can operate in a “transitional mode” — submit a notification and go ahead
🗣️ French Hill: “The law will ensure transparency and user protection. We already have support from both sides.”
⚡️ Interestingly: the text clearly states the right to hold crypto independently. ❌ No regulator can prohibit you from having your own wallet. This is the law.
🚀 SEC and CFTC will even establish their innovation offices. Apparently, they are preparing not only to regulate but also to understand what they are doing.
☝️ But not everything is so peaceful — Democrats in the Senate have already criticized GENIUS (another crypto law), saying there are too many loopholes and political undertones.
🔥 In general, the battle for crypto in Washington is just beginning.
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