Alisa Davidson
Printed: February 18, 2025 at 11:00 am Up to date: February 18, 2025 at 4:57 am
Edited and fact-checked:
February 18, 2025 at 11:00 am
In Temporary
Singularity Finance’s CEO participated in a US Senate roundtable with senators and trade leaders to debate the way forward for crypto regulation, taxation on digital belongings, and the position of AI-driven monetary innovation.
CEO of AI-focused EVM-compatible Layer 2 blockchain Singularity Finance, Cloris Chen took half in a US Senate roundtable with distinguished senators and trade leaders to debate the way forward for cryptocurrency regulation, taxation on digital belongings, and the position of AI-driven monetary innovation. The session, which included Senators Tim Scott, Cynthia Lummis, Bernie Moreno, Invoice Hagerty, and Marsha Blackburn, supplied necessary updates on the progress of related laws and examined methods to make the US extra cryptocurrency-friendly.
The occasion was organized by Senator Marsha Blackburn and Andrew Gordon, an legal professional and Licensed Public Accountant with intensive experience in cryptocurrency taxation and regulatory compliance.
“For too lengthy, the federal authorities has had its foot on the neck of the crypto trade. I’ve spent years serving to people and companies navigate the tax system, solely to see innovation pushed offshore on account of unclear and restrictive insurance policies,” stated Andrew Gordon as a part of his keynote. “This isn’t the way it ought to be. Crypto is not only Wall Avenue—it begins with Essential Avenue, with the builders, builders, and entrepreneurs who’re laying the inspiration for the long run economic system. We have now an actual alternative to make change, and we should do our half—educate, vote, and advocate for insurance policies that permit innovation to thrive in America,” he added.
Legislative Progress: Tim Scott Shares Stablecoin Invoice, Cynthia Lummis Outlines Tax Reforms
Senators supplied updates on upcoming laws that can influence the cryptocurrency sector. Senator Tim Scott shared {that a} stablecoin invoice, together with a broader market construction framework, is predicted to cross inside the subsequent 100 days. This laws is designed to supply much-needed regulatory readability for the trade. Senator Cynthia Lummis outlined key tax reforms, explaining that the proposed invoice will guarantee mining and staking rewards usually are not taxed till they’re offered. Moreover, the laws goals to repeal the problematic dealer rule and introduce a $600 de minimis exemption for cryptocurrency transactions, which might simplify compliance for on a regular basis customers.
Cynthia Lummis additionally highlighted the market construction invoice, primarily based on the Lummis-Gillibrand framework, which seeks to cut back regulatory uncertainty and set up clear tips for the trade. The invoice proposes refining the Howey take a look at to make sure that belongings categorized as commodities or securities retain their designation, stopping arbitrary reclassification.
Cloris Chen Discusses AI, Tokenization, And Regulatory Challenges
In the meantime, Cloris Chen addressed the challenges that tokenized real-world belongings (RWAs) encounter underneath present US rules. She emphasised the significance of building a extra outlined framework that may permit tokenized RWAs to be built-in into the monetary system with out imposing pointless compliance burdens.
“The US must have a clearer framework on the safety definition and set up a streamlined course of to stay aggressive,” stated Cloris Chen. “Our tokenized AI belongings and Treasury payments can’t be supplied to US buyers as a result of they threat being categorized as securities, which might require SEC registration. Given the complexity and unclear rules, this course of is each prolonged and costly, making it economically unfeasible to serve US buyers. This isn’t nearly one firm—it’s about guaranteeing the US doesn’t fall behind within the international shift towards tokenized and AI-enhanced finance,” she added.
Singularity Finance is a Layer 2 blockchain designed to convey the AI economic system on-chain. It supplies a completely compliant framework for tokenizing RWAs, enabling the tokenization and monetization of the complete AI worth chain. Originating from the SingularityNET ecosystem and carefully linked to the Synthetic Superintelligence Alliance, Singularity Finance is positioned to grow to be the go-to monetary blockchain for the rising AI sector.
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About The Writer
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising traits and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
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Alisa Davidson
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising traits and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
Extra articles
