Disclaimer
This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
U.S. Senate Roundtable Discusses Cryptocurrency Regulation
In a significant gathering in Washington, D.C. on February 18th, 2025, Cloris Chen, CEO of Singularity Finance, took part in a critical roundtable organized by the U.S. Senate. This event brought together influential senators and industry experts to deliberate on the future of cryptocurrency regulations, taxation on digital assets, and innovations in finance driven by artificial intelligence. Notable attendees included Senators Tim Scott, Cynthia Lummis, Bernie Moreno, Bill Hagerty, and Marsha Blackburn. The discussions provided essential updates on legislative advancements and examined strategies to enhance the U.S. environment for cryptocurrency.
Key Insights on Taxation Reform
The roundtable was led by Senator Marsha Blackburn and Andrew Gordon, an attorney and CPA with a wealth of experience in cryptocurrency taxation and regulatory matters. During his keynote address, Gordon stressed the pressing need for reforms in taxation, asserting that the federal government has stifled the growth of the crypto sector for too long. He emphasized, “I’ve dedicated years to assisting individuals and businesses navigate the tax landscape, only to witness innovation being driven overseas due to vague and restrictive regulations. This should not be the case. Cryptocurrency isn’t confined to Wall Street; it begins at Main Street, involving builders, developers, and entrepreneurs shaping the future economy. We have a genuine chance to enact change, and we must take action—educate ourselves, vote, and support policies that foster innovation in America.”
Updates on Legislative Developments
Senators provided noteworthy insights into forthcoming legislation that will influence the cryptocurrency sector. Senator Tim Scott revealed that a bill concerning stablecoins, alongside a broader framework for market structure, is projected to be passed within the next 100 days. This legislation aims to deliver much-needed regulatory clarity to the cryptocurrency industry. Senator Cynthia Lummis discussed important tax reforms, indicating that the proposed measures would ensure that rewards from mining and staking are not taxed until they are sold. Furthermore, the legislation intends to eliminate the problematic broker rule and introduce a $600 de minimis exemption for crypto transactions, simplifying compliance for everyday users. Lummis also addressed the market structure bill based on the Lummis-Gillibrand framework, which aims to lessen regulatory uncertainty and provide explicit guidelines for the industry. The bill seeks to refine the Howey test, ensuring that assets designated as commodities or securities retain their classifications without arbitrary reclassification.
Cloris Chen Addresses AI, Tokenization, and Regulatory Challenges
Cloris Chen, CEO of Singularity Finance, pointed out the obstacles that tokenized real-world assets (RWAs) face under existing U.S. regulations. She stressed the necessity for a more defined framework to incorporate tokenized RWAs into the financial sphere without imposing burdensome compliance requirements. “The U.S. must establish a more transparent security definition and create a streamlined process to stay competitive. Our tokenized AI assets and Treasury bills cannot be offered to U.S. investors due to the risk of being labeled as securities, which would necessitate SEC registration. The convoluted and ambiguous regulations make this process both time-consuming and costly, rendering it impractical to serve U.S. investors. This issue transcends a single company; it’s about ensuring the U.S. remains competitive in the global transition towards tokenized and AI-enhanced finance.”
About Singularity Finance
Singularity Finance is pioneering the first AI-centric EVM-compatible Layer 2 blockchain, designed to integrate the AI economy on-chain. It provides a fully compliant framework for tokenizing real-world assets, aiming to tokenize and capitalize on the entire AI value chain. Originating from the SingularityNET ecosystem and closely linked with the Artificial Superintelligence Alliance, Singularity Finance is positioned to become the financial backbone for all things related to AI.
