The industry doesn't mind being regulated, but we need market structure legislation to provide certainty and resolve this "turf war" between the agencies. Congress has a role in clearly defining who has jurisdiction over what.
While we did pass the Genius Act, which was a necessary baby step to regulate stablecoins, it only addresses a small portion of the digital assets market. The House of Representatives passed the Clarity Act, but the Senate, for now, intends to draft our own comprehensive market structure bill.
This is complicated legislation, and the Senate Banking Committee, under Chairman Tim Scott, will be taking it up soon, requiring extensive hearings. We must strike the right jurisdictional balance between the SEC and the CFTC, and coordinate with the Senate Agriculture Committee. Additionally, we need to address the banking community's concerns regarding the Genius Act and tackle complex issues like tokenized securities and the future of deposit insurance for cryptocurrency. It's vital we get this right.