Scott, Lummis, Tillis, Hagerty Release Principles for Market Structure Legislation

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Description

Official Senate press release lists core legislative principles: clear legal status for digital assets, defined regulatory roles, modernization for innovation, consumer protections, and targeted illicit finance measures.

Publish date

June 24, 2025

Web URL

https://www.banking.senate.gov/newsroom/majority/scott-lummis-tillis-hagerty-release-principles-for-market-structure-legislation

Referenced by

Regulatory authority should be clearly allocated in statute, preventing an all-encompassing regulator from emerging.

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A small, common-sense package of measures directed at preventing money laundering and sanctions evasion with digital assets should be included. Potential provisions can and should be targeted and pro-innovation. This could include requiring the adoption of examination standards and clarifying that the Bank Secrecy Act and International Emergency Economic Powers Act (IEEPA) extends to entities abroad with U.S. touchpoints. Reforms should also consider the ways digital assets and distributed ledger technology can improve transparency, efficiency, and the detection of illicit activity, including money laundering.

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Federal financial regulators should provide clear guidance affirming that many crypto-related activities are permissible for banks and other financial institutions, provided they do not threaten the safety and soundness of the institution.

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