The US Senate Banking Committee is finalizing a draft bill aimed at reforming the cryptocurrency market structure, intending to present it to the committee this month and potentially to the full Senate for approval by year-end. The draft incorporates input from various industry stakeholders and lobbying groups, marking the first significant involvement of the Democratic Party in this process. This initiative comes amid a rapid global increase in the use of digital currencies and blockchain technology, which has heightened demands for regulatory oversight from financial authorities. In the US, the Securities and Exchange Commission (SEC) plays a key role in crypto regulation, but recently disclosed internal issues revealed that text messages sent by former Chairman Gary Gensler between October 2022 and September 2023 were permanently deleted due to an IT error. These messages contained critical information regarding crypto oversight, banking sectors, and coordination with the White House. Following this incident, the SEC suspended its text messaging service for employees and enhanced training on record-keeping to prevent future data loss. Given the expanding global significance of cryptocurrencies, the Senate’s proposed reform bill is seen as an important step toward greater transparency and improved regulation in the financial sector. However, due to the complexities and rapidly evolving nature of the crypto market, careful evaluation of the law’s implementation and impact will be essential to ensure investor and consumer protection.
Source: binance
