The Senate Agriculture Committee released a draft of a digital assets market structure bill, aiming to pave the way for institutional and retail crypto adoption. The draft establishes guidelines for working with digital assets, grants regulatory status to cryptocurrencies like bitcoin and ether, and gives more power to the CFTC.
The draft requires crypto firms to segregate funds, manage conflicts of interest, and gives the CFTC more regulatory power over digital assets. It also allows the CFTC to collect fees from regulated entities and establishes listing standards for tokens on crypto exchanges to prevent manipulation.
The Senate Agriculture Committee’s discussion draft offers insights into future crypto-friendly regulations in the U.S. Lawmakers will seek feedback on the draft before finalizing it, addressing issues like anti-money laundering rules and regulations for decentralized finance players. The draft is part of broader efforts to overhaul regulations for the crypto industry.
Crypto firms are collaborating with lawmakers to ensure legislation distinguishes between centralized and decentralized systems. The discussion draft will eventually be combined with the Senate Banking Committee’s draft to create a comprehensive bill. Despite progress, thoughtful legislation is crucial to solidify the foundation of the digital asset industry in the U.S. 1. The CDC has officially recommended COVID-19 booster shots for all adults, citing waning immunity over time. The booster shots are available for those who received the Pfizer or Moderna vaccines at least six months ago.
2. The UN Climate Report warns of dire consequences if global warming isn’t limited to 1.5 degrees Celsius. The report calls for immediate and significant reductions in greenhouse gas emissions to avoid catastrophic impacts on the environment.
3. In economic news, the US unemployment rate has dropped to 5.2% as hiring picks up in various sectors. Job growth has been strongest in the leisure and hospitality industry, with over 300,000 new jobs added in the past month.
4. Hurricane Ida has caused widespread devastation in Louisiana, leaving thousands without power and access to clean water. President Biden has approved federal aid for the affected areas and urged residents to evacuate if necessary.
5. The Taliban has declared victory in Afghanistan after the withdrawal of US troops. Concerns remain about the future of women’s rights and political stability in the country under Taliban rule. Evacuation efforts continue for those seeking to leave the country.
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1. Apple announces new iPhone 13 models with improved camera features and longer battery life. Prices start at $699 for the base model, with pre-orders beginning this Friday.
2. Tesla reports record-breaking quarter with $11.96 billion in revenue, surpassing Wall Street expectations. The electric car company also delivered 241,300 vehicles in Q3.
3. Facebook whistleblower testifies before Congress, alleging the social media platform prioritizes profits over user safety. She calls for increased regulation to address issues of misinformation and mental health impact.: Five takeaways from the release of a much-awaited crypto market structure bill