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wait, dems regulating crypto now??! how is my $DOGE gonna survive this 🤡ðŸ˜
trump 2: electric boogaloo: dems wanna regulate crypto, CFTC flexin’, Fincen watchin’, DE
classic regulatory pushback against the crypto industry: Democratic senators propose sweeping regulations targeting exchanges, DEFI, stablecoins, and token classification, emphasizing stricter oversight
Tl; DR: Twelve Democratic senators propose a framework to regulate the cryptography market in the US. The plan includes empowering the CFTC, obligations for exchanges, and guards. It also mandates all US platforms to register with Fincen, extends controls for the DEFI sector, and prohibits interests from stablecoins. The proposal seeks to standardize token classification, impose regulatory authority, obligations, and stricter supervision on DEFI.
Project implications: The plan grants the CFTC authority in unclassified markets and requires all platforms used by Americans to register with Fincen as financial institutions. It also introduces banking secrecy rules and compliance with international sanctions for intermediaries in the crypto market.
The text identifies the DEFI market as a money laundering risk and calls for new surveillance tools. It aims to prohibit stablecoin issuers from paying interest, impose strict ethical restrictions, and prevent officials from launching or benefiting from crypto projects during their tenure. Democratic senators accuse Donald Trump of misusing his position for personal gain from digital asset companies.
A setback for the North American cryptography market: The proposal challenges the Clarity Act and differs from the Republican initiative on legislative speed, DEFI surveillance, and ethical rules. The Congress is closer to an agreement, but there’s
Is your crypto at risk? Democrats offer drastic cryptographic regulations
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