Crypto Roundtable: Where Senators and CEOs Discuss the Future (and Try Not to Laugh) 😂

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In the grand theater of finance, where the echoes of innovation dance like shadows on the walls, Cloris Chen, the illustrious CEO of Singularity Finance, graced a roundtable gathering. Here, the future of cryptocurrency regulation, the taxation of digital treasures, and the symphony of AI-driven financial innovation were the topics of the day.

Among the esteemed attendees were US Senators Cynthia Lummis, Tim Scott, Bernie Moreno, Bill Hagerty, and Marsha Blackburn, each a player in this curious game of legislative chess.

The Event’s Goal

As the sun cast its golden rays upon the gathering, a document shared with CryptoPotato revealed that Senator Marsha Blackburn and the ever-astute Andrew Gordon, a lawyer and CPA with a penchant for crypto compliance, were the hosts of this intellectual feast.

“For too long, the federal government has had its foot on the neck of the crypto industry. I’ve spent years helping individuals and businesses navigate the tax system, only to see innovation pushed offshore due to unclear and restrictive policies,” Gordon lamented, his voice a blend of frustration and hope.

“This is not how it should be. Crypto is not just Wall Street – it starts with Main Street, with the builders, developers, and entrepreneurs who are laying the foundation for the future economy. We have a real opportunity to make change, and we must do our part – educate, vote, and advocate for policies that allow innovation to thrive in America,” he declared, as if rallying a revolution.

The Senators, like wise sages, shared their insights on forthcoming legislation that would shape the cryptocurrency landscape. Senator Tim Scott, with a twinkle in his eye, hinted at a stablecoin bill, promising its passage within the next 100 days—an eternity in the world of crypto, yet a blink in the grand scheme of time.

Senator Cynthia Lummis, a fervent champion of Bitcoin, proclaimed that the proposed regulatory framework would ensure that mining and staking rewards remain untaxed until they are sold. Furthermore, the legislation sought to abolish the impractical broker rule and introduce a $600 exemption for small crypto transactions, a boon for the everyday user navigating this labyrinthine world.

With a flourish, Lummis also unveiled the market structure bill, a creation born from the Lummis-Gillibrand framework. It aimed to dispel the fog of regulatory uncertainty, providing clear guidelines for the industry. The Howey test would be refined, ensuring that assets classified as commodities or securities would retain their status without the capricious whims of fate.

Chen’s Take on the Matter

In this swirling maelstrom of ideas, Cloris Chen articulated the trials faced by tokenized real-world assets (RWAs) under the weight of existing US regulations. She emphasized the urgent need for a clearer framework to weave these assets into the financial tapestry, all while sidestepping the burdensome chains of compliance.

“The US needs to have a clearer framework on the security definition and establish a streamlined process to remain competitive. Our tokenized AI assets and Treasury bills cannot be offered to US investors because they risk being classified as securities, which would require SEC registration,” she explained, her tone a mix of exasperation and determination.

“Given the complexity and unclear regulations, this process is both lengthy and expensive, making it economically unfeasible to serve US investors. This isn’t just about one company—it’s about ensuring the US doesn’t fall behind in the global shift toward tokenized and AI-enhanced finance,” she concluded, her words hanging in the air like a promise yet to be fulfilled.

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2025-02-18 18:12