Sen. Bill Hagerty introduces a bill seeking regulatory clarity to encourage investments and job creation in crypto.
United States Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” Securities and Exchange Commission enforcement actions.by Sen. Hagerty, aims to provide regulatory clarity around two primary concerns plaguing crypto exchange establishments — the classification of digital assets and related liabilities under existing securities laws.
A bill to provide digital asset intermediaries with a safe harbor from certain enforcement actions by the Securities and Exchange Commission, and for other purposes. Source: congress.gov“The current lack of regulatory clarity for digital assets presents entrepreneurs and businesses with a choice: navigate the significant regulatory ambiguity in the U.S., or move overseas to markets with clear digital asset regulations.
The aforementioned regulatory uncertainty, according to Sen. Hagerty, discourages investments in the crypto spaces and hampers job creation opportunities in the US. As a result, the blockade “jeopardizes the United States’ leadership in this transformational technology at such a crucial time.” The senator believed that the legislation, when passed, would not only provide “much-needed certainty” to crypto businesses but also improve the growth and liquidity of U.S. cryptocurrency markets.
To establish the legislation as law, the bill needs approval from the Senate, the House and the President of the United States.
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