U.S. Senate finally explodes...Cryptocurrency bill, fate to be decided after 1 year of neglect

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As a key figure in the U.S. Republican Party strongly urged a Senate vote on a stalled cryptocurrency regulation bill, discussions on institutionalizing cryptocurrency, which had been sluggish, are expected to accelerate.

According to crypto media outlet Cointelegraph on April 30 (local time), U.S. Republican Senator Thom Tillis has pressured the Senate Banking Committee for the swift processing of a bill that would provide clear regulatory guidelines for the cryptocurrency industry. Senator Tillis pointed out that the current regulatory uncertainty in the U.S. is hindering innovation and causing the U.S. to lose competitiveness in the global market.

This move is interpreted as an attempt to accelerate the legislative process for bills such as the U.S. Crypto Market Structure Bill (CLARITY), which had passed the House of Representatives but stalled in the Senate Banking Committee. Senator Tillis emphasized that these bills are essential for clarifying the definition of assets, protecting investors, and ensuring market soundness. In particular, it reflects a sense of urgency that the U.S. should not delay its response when global regulatory standards like the European Union's Markets in Crypto-Assets (MiCA) are being introduced.

Senator Sherrod Brown, Chairman of the Senate Banking Committee, has consistently warned about the risks of the cryptocurrency market and maintained a cautious stance on processing the bills. In response, Senator Tillis countered that the regulatory vacuum actually exposes investors to risk and argued that the committee should proceed with a formal vote. Senator Tillis warned, "If we don't act, innovation will go elsewhere, and that would be a great loss for the American economy."

This legislative push also aligns with criticism of the enforcement-centric regulatory approach of the U.S. Securities and Exchange Commission (SEC), led by Chairman Gary Gensler. The industry has criticized Chairman Gensler's attitude of attempting to control the market through lawsuits without clear legislation, arguing that it exacerbates confusion across the industry. Senator Tillis emphasized that establishing clear boundaries for regulatory agencies' authority through legislation would enhance market predictability.

With cryptocurrency emerging as a key issue in political circles ahead of the U.S. presidential election, Senator Tillis's move is interpreted as a strategic step to secure legislative leadership. If the bill passes the threshold of the Senate Banking Committee, the cryptocurrency industry in the U.S. is expected to reach a new institutional turning point. Market participants are closely watching whether this push for a vote will lead to actual legislation and resolve long-standing uncertainties.

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