WASHINGTON DC / LONDON (IT BOLTWISE) – Discussions about a new crypto law in the US have reached a critical point. A Democratic proposal that would impose stricter regulations on the DeFi sector is causing tension between industry representatives and lawmakers. The debate could have a significant impact on the future of crypto regulation in the US.
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The debate over regulation of the crypto market in the USA has reached a new height. In a tense meeting between industry representatives and US lawmakers, Democrats’ proposals for stricter regulations on the DeFi sector were hotly debated. These proposals include, among other things, the introduction of know-your-customer and anti-money laundering regulations, which are met with significant resistance in the crypto community.
Democratic senators accused industry representatives of acting as an extension of the Republican Party after the Democrats’ proposal became public. Lawmakers warned that continued public opposition to the law or certain provisions could slow the legislation’s progress. This could further delay much-needed regulatory clarity for the crypto industry in the US.
Bo Hines, the former director of the digital assets task force under President Donald Trump, sharply criticized the Democrats’ response. He questioned why a Democratic senator would be upset that the crypto community had the opportunity to vet the policy proposals he wants to pass into law. This controversy highlights the deep political divides that permeate crypto regulation in the US.
Despite the tensions, the so-called CLARITY Act, a law designed to structure the crypto market, remains on track to come into force by 2026. Wisconsin Representative Bryan Steil expressed hope that once the government shutdown ends, the Senate can move forward quickly. White House economic adviser Kevin Hassett also expressed optimism that the deadlock could soon be overcome, paving the way for further negotiations.
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