Harris Backs Crypto Regulatory Framework Proposed by Former CFTC Commissioner
Senator Kamala Harris (D-CA) has expressed support for a comprehensive regulatory framework for cryptocurrencies proposed by former Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz.
In a recent speech at the CNBC-Institutional Investor Delivering Alpha conference, Harris emphasized the need for clear and consistent rules for the rapidly evolving digital asset industry.
“We need to make sure that our regulatory framework is comprehensive and flexible enough to adapt to this new technology,” Harris said. “We also need to make sure that we are not stifling innovation.”
Quintenz’s proposed framework, known as the “Digital Asset Regulatory Act,” would establish a new federal agency to oversee all aspects of the cryptocurrency market, including exchanges, stablecoins, and initial coin offerings (ICOs).
The framework would also provide legal clarity on the classification of digital assets and create a licensing system for businesses operating in the industry.
Harris praised Quintenz’s approach, saying that it “strikes the right balance between protecting investors and promoting innovation.”
“This framework would give us the tools we need to oversee this new technology while also allowing it to flourish,” Harris said.
The senator’s support for Quintenz’s framework is significant, as it suggests that there may be bipartisan support for a comprehensive regulatory approach to cryptocurrencies.
However, it remains to be seen whether the Digital Asset Regulatory Act will be introduced or passed by Congress. The bill would likely face opposition from some Republican lawmakers who are opposed to government regulation of the cryptocurrency industry.
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