Legal Uncertainty Of Crypto Asset In The United States Gets Highlights From US Representatives

Cryptocurrencies in the US are experiencing legal uncertainty. (Photo: Doc. Thecurrencyanalytics)

JAKARTA – The clarity of crypto regulations in the United States has become a hot topic in recent months. This is because US regulators have enforced the law against the crypto industry and dragged big names like Binance and Coinbase. The crypto community views this condition as an arbitrary action by the regulator due to a lack of legal clarity.

According to a report from Coingape, US representative Maxine Waters recently sought the views of the Chair of the Securities and Exchange Commission (SEC), Gary Gensler, and the Secretary of the Treasury, Janet Yellen, regarding a legislative proposal aimed at revising market structure regarding digital assets.

This comes after leaders of the United States House of Representatives Financial Services Commission and the Committee on Agriculture recently introduced a bill to provide a clearer framework and guidelines in the crypto industry. Interestingly, the SEC Chair recently came under fire from the community for considering all cryptocurrencies, except Bitcoin, to be securities.

In early June 2023, the crypto market witnessed intense law enforcement action with lawsuits being filed against Coinbase and Binance, the two largest crypto exchanges. Both exchanges were accused of violating securities laws.

In light of this, Representative Waters asked Gensler to provide an explanation to members of the House Financial Services Committee regarding his views on the proposals submitted.

Details regarding Gensler's appearance before the committee will be disclosed in a written response due in late June 2023. Additionally, Yellen is expected to provide a brief explanation of her response by the same date. In a letter to Gensler.

Meanwhile, a summary of the ruling in the SEC's lawsuit against Ripple is expected to be delivered before the end of 2023. The outcome of this ruling has the potential to have a significant impact on the crypto market, as it could set a legal precedent in the debate between the status of securities and commodities.

This development demonstrates the efforts of the US government to regulate and provide a clearer legal framework in the crypto industry. In recent years, the crypto market has grown exponentially, and with that growth, there have also been growing concerns about security, transparency, and consumer protection. With this proposal to revise the market structure, it is hoped that there will be better order in the crypto industry and increased trust from market players and the government.

There are still many debates and challenges that must be faced, so these steps show the US government's seriousness in dealing with changes in the financial ecosystem caused by the development of digital assets. Along with these developments, the crypto world must prepare for regulatory changes that may affect various aspects of this industry.