America’s Plan for a Digital Asset Market Structure Regulatory Rametork imagines an important role for a supervisory authority that has serious problems with staffing its upper Echelons.
On Wednesday, US Deputy President JD VISTCE GIVED CEO on day two of the BTC 2025 conference in Las Vegas. Vance dealt with a number of topics, including his belief that Congress must adopt legislation on digital asset market structure and receive a completed bill on President Trump’s desk to log into Law ASAP.
The following day, the House of Representatives Financial Services Committee (FSC) issued its new bill for digital assets in the market, which they have baptized Digital Asset Market Clarity (Clarity) ACT. (Summary of the section here.) The bill is an updated version of Fit21 count that the house passed last year But was not treated by the Senate before Congress was canceled for the federal election in 2024.
In the announcement of the bill, the FSC chairman French Hill (R-AR) offered the necessary homilies to consumer protection, regulatory clarity and “American innovation.” Clarity is invoiced as having two-party support, with reference to Democrat co-sponsors Warren Davidson (R-OH), Angie Craig (D-MN), Ritchie Torres (D-NY) and Don Davis (D-NC).
COINGEEK’S INTREPID James Field Will be along at any time now with a deeper dive into the nuts and bolts of clarity, but as with Fit21, Clarity Commodity Futures Futures (CFTC) establishes the primary digital assets that is not considered securities.
So basically all Digital assets, considering Securities and Exchange Commission (Sec) Don’t think any digital assets are securities. In order to emphasize the systematic release, Sec announced on May 29 that it Don’t be interested in regulating the “protocol’s staking activities”, Because someone somewhere will probably ensure that these activities are run fairly. (The only remaining Democrat Commissioner at Sec believe in The controller does “more harm than good by claiming to cut out wide categories of crypto products without analyzing reality in how they really work.”)
Clarity imagines that SEC has authority against fraud over Stablecoins which may function according to the new rules proposed by bill in the Senate (Genius) and house (STABLE). The SEC will also take sentence about digital asset activity of “SEC-registered brokers and national securities exchanges where such registrants are exempt from registration with CFTC.”
Sec must not touch ”safely Decentralized funding Activities related to the operation and maintenance of blockchain networks. “These activities include” validate or provide temporary services with respect to a digital asset, provide user interface for a blockchain network, publish and update software or develop wallets for Blockchain Networks. “
It is likely to come as a relief for Sec, as it will spare the staff from having to create a separate press release that denies any responsibility for monitoring Defi activities. If you want to get before next week’s rejection, a lobby group only Sec asked to ignore Decentralized autonomous organizations (Hosacies), so, so, 5 ..
CFTC Exodus leaves no one who manages the gates
Given CFTC to shoulder, the legislative burden is complicated by the fact that no one seems to want to serve as a CFTC Commissioner anymore. The incoming chairman Brian Quintenz has not yet been confirmed by the Senate, but when he finally takes his place at the corner office, he will stare at many empty chairs where commissioners usually sit.
This will be the last week at work for commissioners Summer Mersinger and Christy Goldsmith Romero, while Caroline Pham has announced their plan to resign when Quintenz is confirmed. Kristin Johnson is also on her way to the exits, although she promised to stay until “later this year”, probably only long enough for her replacement to be nominated and confirmed.
With former chairman Rostin Behnam has departed on January 20Quintenz will have CFTC for himself, at least until Trump comes to nominate new commissioners. It is good that clarity gives CFTC/SEC a 360-day window after the passage to find out who takes care of what. (Meanwhile? Crypto Thunderdome, apparently.)
Although she had drawn her own ripcord, Romero seemed a bit worried about the mass excursion on A brooking institution -event This week. “What if CFTC comes down to one and gets a new authority for crypto? It will be really, really difficult, right? You will not have the same push and pull … I worry about it at CFTC, and I worry about it at other agencies too.”
As a suitable US public-private rotating door, Mersinger leaves to become CEO of Blockchain Association Industry Lobbying Group. Pham also returns to the private sector, although she said “had no specific plans” to announce.
Will Trump’s crypto companies prevent legislative progress?
Vance’s Vegas speech expressed optimism that the Senate could “move quickly as he passed a pure brilliant action and that the Chamber would follow up and do the same.” The “pure” reference reflects the hope that when the Senate gives genius to the floor for debate (probably next week) it will largely ignore 53 proposed amendments to his text.
With regard to Vance’s call for Congress to act with a similar haste to bring a finished market structure proposal to Trump’s desk, the president’s seemingly endless list of self -interested crypto companies can deter support for legislative blessing these money -creating movements according to the fact.
While the crypto sector and pro-crown poles previously suggested that both StableCoin and market structure legislation could be on Trump’s desk at Labor Day, the increasing upset over Trump’s increasingly brave crypto-cash can complicate that timeline. A named “crypto chief” told Politician This week that these problems may mean that the market structure legislation will not proceed until after the election at half time next year. ”
Speaking of, rep. Jamie Raskin (D-MD) announced Wednesday that he had launched a probe in Trump’s latest dinner at his Virginia Golf Club For the best 220 holders of his $ Trump Memecoin. The Washington Post Reported that Rask’s probe is focused on who paid big money to breathe the same air as Trump, although reports indicate that no presence got a lot in the way of Trump FaceTime.
Raskin believes that publicly releases the list of Trump’s deeply pocket dinner guests will “let the American people know who puts tens of millions of dollars in our presidential pocket so we can start to find out what-for practically useless Memecoins they get in exchange for all this money.”
As with the like Democrat -led probes Of such as Senator Richard Blumenthal (D-CT), Dems lacks votes to develop these probes in addition to the press release. Until their Republican colleagues move their lost capacity for outrage, these efforts are purely performative.
Tokenized retirement?
At the same time, the Trump administration continues to be wiped out of all biden-era rules and regs that can hinder “the number goes up.” On May 28, the Department of Labor’s employee’s security administration benefits Formally abolished biden-era guidance It has discouraged employers from including digital assets in their employees’ 401 (k) pension plans.
The guidance in question was issued in March 2022 and urged 401 (K) plan sponsors to exercise “extreme care” before including digital assets along with more traditional financial investment options. The new guidance neither supports nor rejects tokens in 401 (k) plans, only confirms the department’s “neutral attitude.”
Work Secretary Lori Chavez Derems said that the Biden administration “made a choice to put his thumb on the scale”, but the new sheriffs in town “roll back this overreaction and make it clear that investment decisions should be made by managers, not DC bureaucrats.”
There were almost $ 9 trillion in 401 (K) accounts at the end of 2024, with over a third of Americans contributed to the plans. The ongoing upheaval in the stock market due to Trump’s on-time/AV-igen duties has many contributors looking at alternative investment options, although prominent tokens that BTC has not been spared for this volatility.
For what it is worth, the fact that BTC has fallen 5% this week-during the biggest Pro-BTC event of the year, and despite announcements from several new participants launching BTC ‘Treasury’ strategies that will see them spend billions of dollars acquiring tokens-would give some 401 (k) boss that breaks in the wishes in the wishes in the wishes in the wishes in the wishes in the wishes in the wishes of the wishes in the wishes of the wishes.
Saylor told Trump’s to MortGage Mar-A-Lago and buy BTC
Among the units that announced the new BTC Treasury strategies this week were Trump Media and Technology Group (TMTG), the parent company to truth social platform. TMTG is Collect $ 2.5 billion to buy BTCQuickly rises to the upper level of companies that have gone down this road.
Day 2 by BTC Vegas Shindig saw the president’s sons, Donald Jr. and Eric Trump takes the scene to discuss TMTG’s BTC opening, including the revelation that they were both egged on and inspired by Michael Saylorfounder of the strategy (formerly Micro strategy() (Nasdaq: mstr).
Strategy bought another 4,020 BTC on Monday and increased its treasury to 580 250 tokens and announced almost immediate plans to raise even more debt to buy even more BTC.
The strategy strategy has mimicked by a growing number of companies including previous MEME STOCK Gamestop (Nasdaq: GME), which announced Wednesday that it had spent $ 512 million on buying 4,710 BTC as the first step in launching its own BTC tax chamber.
Eric Trump told the Vegas audience that Saylor had long urged the Trump family to “do what I do,” which goes so far as to suggest they mortgage Trump’s Mar-A-Lago Estate in Florida. (To be fair, Saylor has told all to mortgage their homes to buy btc since 2021.)
Instead, Trump chose to use TMTG to make his BTC venture, but so far the market’s reaction has been anything but positive. TMTG’s Djt -share nailed cards in the wake of its BTC approach but has since fallen under $ 21, a low as it has not touched since the beginning of April.
This is not at all an isolated incident. Gamestop’s shares increased to almost $ 37 in the wake of its BTC approach but closed Thursday under $ 30. Like strategy and its clones meta -plane, twenty capital and others, there is a bit in the way of the basics behind these companies, making them slaves to BTC’s random surprises and throws.
In TMTG’s case, the company’s high profile believes an non -existent business model, with revenue during the first three months of 2025 that did not exceed $ 1 million. The company’s share price values the company to a multiple of 1,800 times its annual revenues, which means that if it was not linked to the US president, it would have been taken behind the barn and laid out from its misery then.
But it was yesterday, and Toto, I don’t think we’re in Kansas anymore.
Look: Teranode is the digital spine in bitcoin
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