Latest / GNN Daily Breaking News / Trump Agencies Take Lead on Crypto Policy

Transcript

Trump Agencies Take Lead on Crypto Policy · GNN Daily Breaking News

• 0:00
  Speaker 1: In Washington, the Trump administration is moving to set cryptocurrency
• 0:04
  Speaker 1: policy through federal agencies after Congress failed to advance sweeping legislation.
• 0:10
  Speaker 1: The shift underscores how regulatory power is being consolidated in
• 0:15
  Speaker 1: the executive branch, leaving the industry without the broad framework
• 0:19
  Speaker 1: it had hoped lawmakers would deliver. The Digital Asset Market
• 0:23
  Speaker 1: Structure and Investor Protection Act, which passed the Senate earlier
• 0:27
  Speaker 1: this month, has stalled in the House, with the bill
• 0:30
  Speaker 1: unlikely to move forward before the November elections. Agencies, including
• 0:35
  Speaker 1: the Securities and Exchange Commission SEC, the Commodity Futures Trading
• 0:40
  Speaker 1: Commission CFTC, and the Treasury Department are stepping in to
• 0:45
  Speaker 1: fill the gap. Officials say the administration will issue guidance
• 0:49
  Speaker 1: on trading platforms, token classifications, and anti money laundering rules.
• 0:55
  Speaker 1: The SEC is expected to continue treating most digital tokens
• 0:59
  Speaker 1: as securities, while the CFTC will oversee commodities trading. Treasury
• 1:04
  Speaker 1: is preparing stricter reporting requirements for exchanges, citing concerns about
• 1:09
  Speaker 1: illicit finance. Industry leaders had hoped legislation would provide clarity
• 1:15
  Speaker 1: and encourage institutional investment. Instead, they now face a patchwork
• 1:20
  Speaker 1: of agency rules that could limit growth. Executives warn that
• 1:24
  Speaker 1: heavy compliance burdens may stifle innovation and push startups overseas.
• 1:29
  Speaker 1: Critics argue that Trump's reliance on agency action bypasses Congress
• 1:34
  Speaker 1: and leaves policy vulnerable to political shifts. Supporters counter that
• 1:39
  Speaker 1: regulators are better equipped to respond quickly to market volatility
• 1:44
  Speaker 1: and emerging risks. The stalled bill highlights the difficulty of
• 1:48
  Speaker 1: forging bipartisan consensus on digital assets. While lawmakers agree on
• 1:53
  Speaker 1: the need for oversight, divisions remain over how to balance
• 1:57
  Speaker 1: innovation with consumer protection. With the House unlikely to revisit
• 2:01
  Speaker 1: the measure before recess. The administration's agencies will set the
• 2:05
  Speaker 1: tone for cryptoregulation in the near term. For investors and developers,
• 2:10
  Speaker 1: the message is clear. The industry's gains will be limited
• 2:14
  Speaker 1: until Congress acts. Until then, Trump's agencies will define the
• 2:19
  Speaker 1: rules of the road.