March 4 News: The legislative process for the U.S. digital asset regulatory framework has heated up again. Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), recently publicly called on Congress to pass the CLARITY Act as soon as possible, believing that this bill is an important foundation for building the future digital asset market structure and clarifying the regulatory responsibilities of cryptocurrencies.
Michael Selig posted on social media that the U.S. must quickly establish a forward-looking digital asset regulatory system, and the CLARITY Act is a key step in achieving this goal. He emphasized that the CFTC is ready to implement the relevant market structure framework under the current administration and believes that this bill will help the U.S. maintain a leading position in global crypto finance competition.
Former President Trump also publicly supported the bill and urged Congress to accelerate the legislative process. Trump stated that the banking industry and the crypto sector in the U.S. need to reach certain compromises on regulatory rules to facilitate the bill’s final passage. He believes that a comprehensive digital asset regulatory system will help solidify America’s advantages in blockchain innovation.
Despite some policy support, the CLARITY Act still faces significant disagreements at the legislative level. One of the contentious issues centers on stablecoin yield mechanisms. Some banking institutions worry that stablecoin yield plans could disrupt the traditional deposit system, while industry insiders believe that such mechanisms are important for promoting blockchain financial innovation and capital efficiency.
Meanwhile, some representatives from the crypto industry have also criticized the current version of the bill. Charles Hoskinson, founder of Cardano, stated that the current draft might classify most digital assets as securities, which could give regulators more scope for enforcement and create uncertainty for industry development. He called on lawmakers to adjust relevant provisions to ensure that technological innovation is not overly restricted by regulation.
Currently, the U.S. Congress is expected to revisit digital asset legislation this month. Although the initial deadline in early March has passed, the industry remains focused on whether the next round of discussions can make substantive progress on the regulatory framework. As countries around the world accelerate the development of crypto asset rules, the direction of U.S. digital asset legislation has become a key focus for the market.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
South African Economist Flags Authoritarian Risks in CBDCs
Economist Dawie Roodt has issued a warning that central bank digital currencies could become tools for authoritarian control due to their “programmable” nature.
The Authoritarian Risk
South African economist Dawie Roodt warned that central bank digital currencies, or CBDCs, could become
Coinpedia1h ago
People's Bank of China Governor Pan Gongsheng: Maintain high-pressure efforts to crack down on illegal financial activities such as virtual currency speculation
People's Bank of China Governor Pan Gongsheng stated at the National People's Congress that over the past year, China's financial risks have been effectively controlled, and the financial market has operated stably. In the future, efforts will continue to crack down on illegal financial activities, maintain financial stability, assess the impact of external shocks, and implement policy measures to manage risks.
GateNews2h ago
Hong Kong Legislative Council Chairman Calls for Cautious Development of Stablecoins and Virtual Assets, Emphasizing the Need to Regulate AI Oversight
Hong Kong Legislative Council Chairman Regina Ip stated that she will support the development of the first five-year plan and proposed recommendations for financial and technological development. Hong Kong's National People's Congress delegate Chan Zhenying emphasized the need for cautious development of emerging financial products and regulation of AI usage to ensure financial security. Wu Jiezhuang mentioned that Hong Kong should leverage its advantages, consolidate its status as an international financial center, and promote technological innovation.
GateNews4h ago
A certain CEX criticizes the new U.S. digital asset tax reporting regulations as too complicated, potentially increasing the burden on retail investors.
A Vice President of Tax at a certain CEX pointed out that the IRS's new regulation 1099-DA is overly complicated, requiring the reporting of small transactions such as stablecoin trades and Gas fees, which may lead to over-reporting and increase administrative burdens for cryptocurrency holders.
GateNews5h ago
South Korea is preparing to open up for crypto investment businesses
The South Korean financial regulator is finalizing new guidelines allowing listed companies to invest directly in cryptocurrencies, aiming to clarify the legal framework for digital asset participation amid increased oversight. Major cryptocurrencies may benefit, but stablecoins face risks. This policy could attract institutional investment and enhance market transparency.
TapChiBitcoin5h ago
The U.S. Department of the Treasury recommends establishing a safe harbor mechanism for digital asset freezing, allowing for the temporary freezing of suspicious funds.
Gate News: On March 8, the U.S. Department of the Treasury submitted a report to Congress under the GENIUS Act, recommending that DeFi be explicitly required to undertake anti-money laundering and counter-terrorism financing (AML/CFT) obligations, and considering the establishment of a "hold law" mechanism for digital assets, allowing institutions to temporarily freeze assets during investigations of suspicious transactions without a court order. The report also revealed that the scale of crypto crimes continues to grow, with FBI records showing $9 billion in crypto scam losses in 2024.
GateNews5h ago
