Techub News said the U.S. crypto market structure bill will face a Senate motion to proceed on Sept. 15, with the aim of clarifying the regulatory split between the SEC and the CFTC. Traditional financial institutions have objected to provisions on stablecoin yields, while securities and derivatives firms worry the bill could limit their businesses. A survey by the National Cryptocurrency Association says the U.S. crypto industry employs 232,000 people and contributes about $55 billion to the economy. The SEC has also proposed a regulatory framework for crypto assets that would exempt some registration requirements. Market participants are watching what regulators do next if the legislation stalls.
Techub News said the U.S. crypto market structure bill will face a Senate motion to proceed on Sept. 15. The bill is intended to clarify how the SEC and the CFTC divide regulatory authority.
Traditional financial institutions have raised objections to the stablecoin yield provisions, while securities and derivatives firms say the proposal could restrict parts of their business. That leaves the legislation facing a difficult path forward.
A survey by the National Cryptocurrency Association puts the U.S. crypto industry’s workforce at 232,000 and its economic contribution at about $55 billion.
The SEC has also put forward a crypto asset regulatory proposal that would exempt some registration requirements. With the bill moving slowly, industry participants are watching how regulators may respond next.
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