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.
“For too long, the federal government has had its foot on the neck of the crypto industry. I’ve spent years helping individuals and businesses navigate the tax system, only to see innovation pushed offshore due to unclear and restrictive policies.
This is not how it should be. Crypto is not just Wall Street – it starts with Main Street, with the builders, developers, and entrepreneurs who are laying the foundation for the future economy. We have a real opportunity to make change, and we must do our part – educate, vote, and advocate for policies that allow innovation to thrive in America,” Gordon said as part of his keynote.
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.
“The US needs to have a clearer framework on the security definition and establish a streamlined process to remain competitive. Our tokenized AI assets and Treasury bills cannot be offered to US investors because they risk being classified as securities, which would require SEC registration.
Given the complexity and unclear regulations, this process is both lengthy and expensive, making it economically unfeasible to serve US investors. This isn’t just about one company—it’s about ensuring the US doesn’t fall behind in the global shift toward tokenized and AI-enhanced finance,” she stated.
Read the full article here
