US Senator Proposed Bill To Protect Crypto Exchanges From SEC Enforcement Actions

Senator Bill Hagerty of the United States, a member of the Senate Banking Committee, sponsored legislation to protect cryptocurrency exchanges from certain Securities and Exchange Commission (SEC) enforcement proceedings.

Senator Hagerty introduced the Digital Trading Clarification Act of 2022 to give regulatory clarity around two key problems afflicting crypto exchange establishments: (i) the classification of digital assets and (ii) related liabilities under existing securities laws.

According to Senator Hagerty:

“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.”

According to Sen. Hagerty, the aforementioned regulatory ambiguity hinders investments in the crypto field and impedes job development potential in the United States. As a result, the embargo jeopardizes the US leadership in this transformative technology at a critical juncture.

The senator stated that, if approved, the bill would not only bring much-needed clarity to crypto firms but would also boost the growth and liquidity of cryptocurrency markets in the United States.

To become law, the measure must be approved by the Senate, the House, and the President of the United States.

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