In the United States, Republican Senator William Francis Hagerty IV recently introduced a crypto bill. The idea of this project is to protect cryptocurrency exchanges against SEC overbidding. The draft legislative text also aims to clarify how cryptos should be classified. Learn the basics about Senator Bill Hagerty’s bill.
An Important Step Toward Greater Crypto Adoption
The new bill presented by Senator Hagerty is titled Digital Clarity Act of 2022. It should help crypto exchanges counter the measures of the SEC of the United States, which are slowing their development. Tennessee Senator presented the project in a press release while mentioning regulatory ambiguity on cryptocurrencies. He explained that investors prefer to go abroad to invest in cryptos rather than operating in the United States.
According to Bill Hagerty, this is because crypto regulations are clearer overseas. And it has the effect of slowing downinvestment and job creation here in America“. This regulatory ambiguityjeopardizes the leadership of the United States in this transformative technology at such a crucial time“, he noted.
“This legislation is an important step in providing digital asset intermediaries with much-needed certainty and in removing barriers to entry that currently impede the growth and liquidity of US crypto markets.added the US senator.
New law Project of Senator Bill Hagerty could help counter anything that is hindering the growth of the crypto industry in the United States. This is the second cryptocurrency project presented by the senator this year. Indeed, in March, he introduced a project called the Stablecoin Transparency Act. The latter indicated in particular which digital assets should be considered as stablecoins.
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