SEC, CFTC and FDIC accelerate U.S. crypto adoption amid CLARITY Act delays
In this news:
Although the CLARITY Act – a proposed legislation in the United States aimed at regulating the cryptocurrency industry – stalled in a major Senate vote earlier this week, key federal regulators – including the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Federal Deposit Insurance Corporation (FDIC) – have declared actionable and rule-based initiatives to speed up crypto market adoption in the country.
On September 17, the U.S. SEC announced that it has granted a temporary and conditional exemptive relief to Tokenized Securities Venues (TSV) such as Robinhood Markets, Inc. (Nasdaq: HOOD) and Coinbase Global Inc. (NASDAQ: COIN). The agency said that these exemptions are set to expire five years, or September 17, 2031.
“The division stands ready to work with interested parties seeking to operate a TSV and field questions from investors and market participants,” Jamie Selway, Director of the SEC Division of Trading and Markets, highlighted.
On Thursday, the CFTC issued indefinite industry-wide no-action relief protecting non-custodial software and wallet developers from registration as introducing brokers or associated persons. As such, tech providers routing users to CFTC-regulated exchanges without holding customer funds will not face enforcement action for operating without traditional broker registrations.
Additionally, the FDIC cleared the way today for state banks to operate on equal footing with national ones. By eliminating restrictive out-of-state rules, the FDIC will let state-chartered banks that are building digital asset tools to roll out their infrastructure nationwide using their home state’s framework.
Why these crypto moves matter now
Although these moves by key federal agencies could be overturned by future governments, it could give the Senate a chance to progress the CLARITY Act. Vlad Tenev, CEO of Robinhood, and Cynthia Lummis, Wyoming Senator, led the crypto industry in welcoming these reforms as they could boost crypto adoption in the United States.
Over the past 24 hours, the total crypto market capitalization gained 2%, hovering at $2.63 trillion at the time of reporting, according to data from CoinMarketCap.
If these regulators move triggers massive crypto adoption, especially by institutional investors, the recently established uptrend could gain momentum.
Featured image via Shutterstock
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