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Singularity Finance CEO Joins Roundtable on Crypto Regulation and AI Innovation
Cloris Chen – CEO of Singularity Finance – participated in a roundtable to discuss the future of cryptocurrency regulation, taxation on digital assets, and AI-driven financial innovation.
US Senators Cynthia Lummis, Tim Scott, Bernie Moreno, Bill Hagerty, and Marsha Blackburn also attended the meeting.
The Event’s Goal
According to a document shared with CryptoPotato, Senator Marsha Blackburn and Andrew Gordon hosted the discussion. The latter is a lawyer and Certified Public Accountant with extensive experience in crypto regulatory compliance.
The Senators who took part in the event shared updates on upcoming legislation impacting the cryptocurrency sector. Senator Tim Scott touched upon a stablecoin bill, which is expected to pass within the next 100 days.
Senator Cynthia Lummis (known as a keen proponent of Bitcoin) said the proposed regulatory framework will ensure that mining and staking rewards are not taxed until they are sold. Additionally, the legislation aims to eliminate the impractical broker rule and establish a $600 exemption for small crypto transactions, making compliance easier for everyday users.
Lummis also highlighted the market structure bill, built on the Lummis-Gillibrand framework. It aims to clarify regulatory uncertainties by providing clear guidelines for the industry. It refines the Howey test to ensure that assets classified as commodities or securities retain their status without sudden or arbitrary changes.
Chen’s Take on the Matter
Singularity Finance’s CEO pointed out the challenges tokenized real-world assets (RWAs) face under existing US regulations. She stressed the importance of establishing a clearer framework to integrate those into the financial system while avoiding overly burdensome compliance requirements.