Republican senators have presented a framework guiding digital asset market structure legislation, aiming to provide regulatory clarity. Senate Banking Chairman Tim Scott and other key senators emphasize a balance between fostering innovation and protecting consumers. The principles address significant regulatory uncertainty surrounding Bitcoin by defining legal statuses and jurisdictions among agencies. The proposed legislation seeks to preserve Bitcoin self-custody rights and ensure clear, delineated governance of digital assets, contrasting with the more established regulatory environments of other nations such as the EU and Singapore.
"Since taking over as Chairman, I've led a new approach to digital assets regulation... I'm hopeful my colleagues will put politics aside and provide long-overdue clarity for digital asset regulation."
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