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▲ US, Cryptocurrency Regulation/AI Generated Image
The US crypto market structure bill has reignited the possibility of Senate passage after securing the first public endorsement from a major law enforcement organization.
According to crypto media outlet Coingape on July 3 (local time), the National Organization of Black Law Enforcement Executives (NOBLE) officially endorsed the US crypto market structure bill. Coingape reported that NOBLE is the first major law enforcement organization to publicly support the bill.
In a letter sent to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer, NOBLE stated that the bill “preserves long-standing criminal enforcement authorities while providing meaningful new capabilities to law enforcement agencies.” NOBLE also cited strengthening the ability to combat money laundering, digital asset kiosk crimes, and unlicensed money transmitters as reasons for its support.
The bill includes the Blockchain Regulatory Certainty Act (BRCA). This provision provides a regulatory safe harbor for non-custodial blockchain developers. NOBLE emphasized that the bill does not alter existing federal criminal authorities that investigators and prosecutors rely on daily.
This endorsement is noteworthy as it comes amidst opposition from some law enforcement organizations. The National Sheriffs’ Association and the International Association of Chiefs of Police had previously expressed concerns about loopholes that could be exploited by criminals and the need to address on-chain crime. NOBLE's public support could serve as an argument for the pro-crypto faction in the Senate, countering claims of weakened law enforcement authority.
In the Senate, pressure is mounting to process the bill before the long August recess. The House Financial Services Committee is scheduled to hold a hearing on July 17 to discuss how the US crypto market structure bill fosters innovation. Senator Cynthia Lummis and Senate Banking Committee Chairman Tim Scott are pushing for the bill's passage before the Senate's long recess, which begins on August 10.
In a recent statement, Scott stated, “The US crypto market structure bill provides clear rules of the road for digital assets, protects consumers, and helps keep the future of finance in America.” Coingape reported that following recent remarks by senators and Bloomberg Intelligence's 60% probability forecast for the bill's passage in July, Polymarket's likelihood of the bill being signed into law this year has risen to 40%.
[Article Key Summary]
-The National Organization of Black Law Enforcement Executives has become the first major law enforcement organization to publicly endorse the US crypto market structure bill.
-NOBLE stated that the bill strengthens the ability to combat money laundering, digital asset kiosk crimes, and unlicensed money transmitters.
-Cynthia Lummis and Tim Scott are pushing for the bill's passage before the Senate's long recess on August 10.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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