US Lawmakers Propose Sweeping Crypto Regulatory Overhaul in Draft Bill
Senator Cynthia Lummis has introduced the Digital Asset Market Clarity Act, a 278-page draft legislation aiming to reshape cryptocurrency oversight. The bill seeks to amend Federal Reserve restrictions that currently prohibit reserve banks from offering digital asset services to individuals or institutions.
The proposed changes WOULD significantly alter the Federal Reserve's role in digital assets, explicitly barring direct provision of certain crypto products to consumers. Two new ethics provisions addressing felony convictions and insider trading were added to the draft, reflecting heightened scrutiny of market conduct.
This legislative effort represents a compromise between decentralized finance proponents and traditional financial interests. The bill's advancement signals growing institutional recognition of digital assets' role in modern finance, potentially paving the way for clearer regulatory frameworks.
