TechFlow news, July 10 — According to Jinshi Data, a key group in the U.S. Senate debated proposed digital asset regulations, with Republicans calling for a moderate approach and Democrats warning of potential loopholes and conflicts of interest.
Senate Banking Committee Chairman Tim Scott said, "Our job is to set clear, light-touch guardrails to protect investors, prevent fraud, and allow responsible innovation to thrive." He emphasized that legislation should clearly define which tokens are securities and ensure appropriate safeguards against illicit financing. Last month, Republican Senator Hagerty and others released market structure principles calling for clear definitions of digital assets' legal status and regulatory oversight. The plan largely aligns with the CLARITY Act proposed by the House committee in June.
Hagerty stated he was not concerned about losing bipartisan support for market structure legislation and predicted Democrats backing stablecoin legislation would soon take action.
