"Even if the bill fails, regulation is coming"...Coinbase CEO unveils Plan B

▲ Coinbase, Cryptocurrency Regulation/AI Generated Image

A forecast has emerged that even if the U.S. cryptocurrency market structure bill fails to pass the Senate, the trend towards securing regulatory clarity will not stop.

According to Coingape on September 10 (local time), Coinbase CEO Brian Armstrong emphasized that a regulatory framework will be established regardless of the success or failure of the U.S. cryptocurrency market structure bill. He stated, “Clarity will come one way or another.” He explained that even if congressional legislation is delayed, regulatory agencies can use their existing authority to establish market rules.

The U.S. Senate is scheduled to hold a procedural vote on the U.S. cryptocurrency market structure bill on September 15. To formally debate the bill, 60 votes are needed. Republicans hold 53 seats, meaning at least 7 Democratic senators must vote in favor. This vote is not for the final passage of the bill, but a procedure to begin discussions in the Senate plenary session.

If the bill founders, the Commodity Futures Trading Commission (CFTC) emerges as an alternative. CFTC Commissioner Michael Selig stated that he is prepared to advance cryptocurrency market structure rules regardless of the outcome of congressional legislation. He emphasized his intention to pursue regulatory measures using existing authority, stating, “The cryptocurrency market structure will be established regardless of the bill.”

The U.S. cryptocurrency market structure bill's core is to distinguish the oversight areas of the Securities and Exchange Commission (SEC) and the CFTC. It aims to create a regulatory framework for digital assets, exchanges, brokers, and establish consumer protection standards. However, disagreements continue in the Senate over issues such as public official ethics regulations and stablecoin compensation.

Armstrong maintains that a regulatory framework through law is the most stable solution. This is because rules established by administrative agencies themselves could be revised if the government or heads of regulatory bodies change in the future. Even if Congress fails to pass the bill, cryptocurrency rule-making is expected to proceed, centered around the CFTC, but from the perspective of long-term institutional stability, whether legislation passes remains a key variable.

[Article Key Summary]

-Brian Armstrong predicted that even if the U.S. cryptocurrency market structure bill founders in the Senate, securing regulatory clarity will continue.

-The Senate will hold a procedural vote on September 15, and 60 votes are needed to begin discussions on the bill.

-The CFTC plans to advance cryptocurrency market structure rules using its existing authority, regardless of whether the bill passes.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*