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US Securities and Exchange Commission chair Paul Atkins has labeled it a big week for crypto as a vote on key market structure legislation looms.
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Summarize with AI
Summarize with AI
“This is a big week for crypto – Congress is on the cusp of upgrading our financial markets for the 21st century,” said Atkins on Fox Business on Monday.
The market structure bill “fits in with the President’s focus on making America the crypto capital of the world, so if you have clear legislation and clear rules, then you have certainty in the marketplace,” he said.
Clarity is Key For Markets
He added that passing bipartisan market structure legislation will “help us future-proof against rogue regulators,” in an apparent swipe at previous SEC leadership.
Bitwise CIO Matt Hougan described the CLARITY Act as the “Punxsutawney Phil of this crypto winter.” Punxsutawney Phil is a famous groundhog that predicts the weather on February 2 in the town of Punxsutawney, Pennsylvania.
Bitcoin ATH If Approved
Thursday, January 15, is the date that the US Senate has slated for markup of the Act, with the process involving aligning drafts in the Senate Banking and Agriculture committees and pushing the final bill to a vote in Congress.
MN Fund co-founder Michaël van de Poppe commented that a lot of people “underestimate the significance of the CLARITY Act for the entire industry.”
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The GENIUS Act, which regulates stablecoins, has been a “market decider,” however, the CLARITY Act “is that in square,” he added.
BTC was down on the day at the time of writing, trading around $91,200, down 28% from its all-time high.
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Source: https://cryptopotato.com/sec-chair-big-week-for-crypto-as-congress-eyes-market-structure-vote/
