Cryptocurrency expert Les Borsai said on Newsmax that a Senate panel is set to begin reviewing crypto regulations this week.
Borsai told "National Report" on Tuesday, "The American people are obviously very invested in digital currencies and have been. And as someone who got into the space early, we were very concerned about not having regulatory guidelines to follow."
He said the Senate Banking Committee hearing on Wednesday will cover pending regulations for crypto that have been pursued by the Trump administration. "What we're seeing here is a continuation from January,at the crypto summit. A lot of what this administration has put into place and continued activity, in simplest terms, we're talking about stablecoins here, and we're talking about regulatory clarity, just to make it simple for the American people."
Borsai was one of the earliest investors in Ethereum, XRP, Tezos, and NFTs. In 2018, he co-founded Wave Digital Assets, a digital asset management firm where he manages strategic initiatives covering crypto and digital assets.
The Senate committee review, scheduled for Wednesday, will dive into digital and crypto regulations. Borsai said it is a critical step toward bringing a managed structure to the markets.
"And that obviously goes into greater detail on the CLARITY Act," he said. He added, "How will the Howey Act be affected? How will the [Commodity Futures Trading Commission] and the SEC interact on virtual currency."
Each of those aspects of crypto markets are included in the broader digital asset market structure legislation that Senate Banking Committee Chair Tim Scott, R-S.C., wants to have completed shortly after the Senate returns from its summer break.
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Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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