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<h2 id="header-0">United States Senator Bill Hagerty introduced a bill to provide a safe harbor for crypto exchanges operating in the country. The bill would shield cryptocurrency exchanges from "certain" SEC legal actions.</h2>
The Digital Trading Clarity Act of 2022, introduced by Sen. Hagerty, aims to provide regulatory clarity around two major challenges confronting crypto exchange establishments — (i) the categorization of digital assets and (ii) related liabilities under current securities laws.
Sen. Hagerty outlined an overview of the challenges that “entrepreneurs and businesses face as a result of the current lack of legislative certainty for digital assets.” He went on to say that “the challenges forced businesses to choose between managing major legal uncertainty in the US and moving overseas to markets with clear <a href="https://www.coingabbar.com/en/crypto-blogs-english/why-cryptocurrency-is-hard-to-regulate" rel="noopener noreferrer nofollow">digital asset regulations</a>.”
According to Sen. Hagerty, the aforementioned regulatory uncertainty hinders investments in the crypto field and impacts job creation opportunities in the US. As a result, the blockade jeopardizes the US leadership in this transformative technology at a crucial time.
The senator believes that if the bill was enacted, it would bring much-needed certainty to crypto businesses. The bill also boosts the growth and liquidity of cryptocurrency markets in the United States.
The bill must be approved by the Senate, the House, and the President of the United States in order to become law.
Running parallel to the regulatory reforms advocated by US senators, the federal government ramped up efforts to investigate the viability of <a href="https://www.coingabbar.com/en/crypto-currency-news-english/us-will-reject-cbdc-argues-bitcoin-policy-institute" rel="noopener noreferrer nofollow">CBDCs in the American market</a>.
Under Biden's direction, the Office of Science and Technology Policy (OSTP) examined 18 CBDC design alternatives — highlighting the benefits and drawbacks of each system.
The technical examination for a CBDC system in the United States highlighted the department's desire for an off-ledger, hardware-protected system.
COINGABBAR VIEWS: In the last two months, the SEC and CFTC have tightened their restrictions against crypto exchanges operating in the country. The abovementioned bill if enacted would not only accelerate the growth of cryptocurrency exchanges but also stimulate general public interest in this field.
Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news-english/cftc-files-lawsuit-digitex-futures-exchange" rel="noopener noreferrer nofollow">CFTC Files Lawsuit Against Digitex Futures Exchange</a>

US Senator Bill Aims To Shield Crypto Exchanges From SEC Legal Actions

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