The Trump Government will convene a meeting of the encryption industry in the White House on Wednesday, which is expected to include the heads of regulatory agencies, encryption companies, Wall Street agencies and forecast market enterprises. Owing to the delay in moving ahead with Congress-level digital asset legislation, the conference was the latest window of view on the direction of United States regulation.
Congress Bill is still pending.
At the time of the meeting, there had been no progress on legislation in the United States Congress on the division of labour in the regulation of digital assets. CLARITY Act, which was intended to clarify the boundaries between the SEC and the CTC, was supported by the Chamber of Deputies, but the Senate did not complete its vote before the August recess.
The Senate leadership has indicated that the bill will be revisited in September, but the likelihood of its adoption during the year has significantly decreased. As the legislative process slows down, the market ' s interest in furthering regulatory measures at the executive level is rising rapidly.
SEC and CFTC have a short-term focus.
Participants are expected to include Paul Atkins, Chairman of the United States Securities and Exchange Commission, Michael Sellig, Chairman of the United States Commodity Futures and Patrick Witter, White House encryption consultant. The representatives of Coinbase, Ripple, Andreasen Horowitz and Nasdaq were also among the invited.
It has been reported that the SEC is studying mechanisms for the provision of exemptions and safe harbours for the issuance of some tokens, and that the CTC is also promoting its own encryption market initiative. Such sectoral rules may be located more quickly than in parliamentary legislation, but they may be easier to adjust in the future.
The monetization and forecasting market will be discussed.
The topics for the meeting are expected to include asset monetization, forecasting markets and the relationship between encryption companies and traditional financial infrastructure. Coinbase, Ripple and Nasdaq also appeared on the discussion list, indicating that the digital asset business was moving further towards the existing capital market system.
One day after the White House meeting, the CFTC will convene the first meeting of the Innovation Advisory Committee on 20 August. The Committee had 35 members, including representatives of encryption, financial markets and science and technology enterprises, and the first session would also discuss encryption regulation, artificial intelligence and forecasting markets.
In the absence of a new law in Congress, real progress on US digital asset policy in the short term is more likely to come from SEC and CFTC rule-making than from legislative breakthroughs in Congress. Bitcoin went up to $64,000, which also brought more market attention to the conference.