On September 29, U.S. Senator Haggerty, a member of the Banking Committee, introduced the Digital Trading Clarity Act of 2022, which aims to improve the safety of digital asset transactions by exempting them from Securities and Exchange Commission (SEC) influences and enforcement actions.
The bill focuses on two major issues plaguing the industry. The first one is the classification of digital assets, and the second is the related liability under existing securities laws. It calls for greater regulatory transparency in both areas.
Haggerty said that currently, the lack of clear digital asset regulation has created room for entrepreneurs to choose, either by fumbling around with existing U.S. regulations or moving funds overseas markets with a more clear regulation. These uncertainties discourage U.S. investment and employment in the sector, jeopardizing U.S. leadership in this transformational technology at this crucial time.
Once passed, analysts believe the legislation will not only provide digital asset businesses with much-needed certainty but also boost digital currency growth and liquidity.
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