David Sacks: Crypto Market Structure Legislation Closer Than Ever, Crypto Industry Should Seize Current Window to Resolve Remaining Differences

BlockBeats News, January 15th, White House Cryptocurrency and AI Czar David Sacks wrote that the "likelihood of market structure legislation passing is now closer than ever before. The cryptocurrency industry should take advantage of the current lull to resolve all remaining differences. Now is the best time to establish industry rules and safeguard the industry's future development."

The White House remains committed to working with Senate Banking Committee Chairman Scott, committee members, and industry stakeholders to expeditiously advance bipartisan-supported cryptocurrency market structure legislation.

Previously reported, key supporters such as Coinbase opposed the current version of the "CLARITY Act," and the Senate Banking Committee has postponed the "CLARITY Act" markup hearing. It is currently unclear when the hearing will take place. The bill aims to clarify regulatory jurisdiction between the Commodity Futures Trading Commission and the Securities and Exchange Commission, define when digital assets should be classified as securities or commodities, and establish new disclosure requirements.