In a notable Senate roundtable discussion, Cloris Chen from Singularity Finance deliberated on the legitimacy of cryptocurrencies and the influence of AI on financial systems.

The CEO of a Layer 2 blockchain focused on AI, Cloris Chen participated in a roundtable with distinguished senators and industry leaders, addressing critical aspects of cryptocurrency regulation and taxation, particularly how AI innovations can reshape the financial sector. Prominent senators like Tim Scott, Cynthia Lummis, and others contributed to the dialogue, which included updates on relevant legislative movements towards a more crypto-friendly environment in the US. Singularity Finance Organized by Senator Marsha Blackburn alongside Andrew Gordon—an attorney and CPA with deep knowledge in cryptocurrency taxation and regulatory issues—this event focused on reducing industry burdens.

Andrew Gordon expressed, \"The federal government has historically placed undue restrictions on the crypto sector. I've dedicated years helping people and businesses navigate tax complexities, yet innovation has often been driven abroad by vague regulations. This must change. Crypto isn't exclusive to Wall Street; it begins on Main Street with the innovators and entrepreneurs shaping our economic future. We have a genuine chance for reform, and it's vital that we educate ourselves, vote, and support policies fostering innovation here in America.\"

Legislative Developments: Tim Scott Introduces Stablecoin Proposal, While Cynthia Lummis Discusses Tax Reform

Senators reviewed forthcoming laws likely to influence the cryptocurrency landscape. Senator Tim Scott stated that a stablecoin bill, along with a comprehensive framework for the market structure, is poised for passage in the near future. This new legislation is expected to provide essential regulatory clarity desperately needed by the industry.

Senator Lummis presented her tax reform agenda, revealing that the new bill aims to defer taxes on rewards from mining and staking until these assets are sold. It also seeks to eliminate the controversial broker rule and establish a $600 de minimis exemption for cryptocurrency transactions, which would ease compliance for everyday users. Cynthia Lummis Highlighting the importance of clear regulatory standards, Cynthia Lummis discussed the market structure bill rooted in the Lummis-Gillibrand framework. This proposal aims to eliminate regulatory ambiguities and set straightforward criteria for classifying assets, refining the Howey test to ensure that classifications as commodities or securities remain consistent.

Cloris Chen Addresses Regulatory Hurdles for Tokenized Real-World Assets

Cloris Chen spoke on the obstacles faced by tokenized real-world assets (RWAs) under the current regulatory framework in the US. She stressed the necessity for a clearer policy environment fostering the integration of tokenized RWAs into the financial ecosystem while minimizing excessive compliance challenges.

"The US needs to clarify its definitions around securities and ensure a more efficient process to stay competitive,\" asserted Cloris Chen. \"Our tokenized AI assets and Treasury bills won't reach US investors due to potential classification as securities, which would entail SEC compliance. The convoluted regulations make it challenging and costly to serve this market segment. This situation extends beyond individual companies—it's a matter of the US maintaining its competitive edge as we shift towards tokenization and AI-enhanced financial solutions,\" she emphasized.

This Layer 2 blockchain aims to bring the AI economy on-chain, offering a robust compliance framework for tokenizing real-world assets, thereby facilitating the monetization of the entire AI value supply chain. Coming from the SingularityNET ecosystem and linked to the Artificial Superintelligence Alliance, Singularity Finance is set to be a leading financial blockchain tailored to the burgeoning AI market.

Singularity Finance Please keep in mind that the information presented here is not intended, nor should it be treated, as legal, financial, investment, or any form of professional advice. It's essential to invest only what you can afford to lose and seek independent financial counsel if uncertain. For further details, we recommend reviewing the terms and conditions and the help sections offered by the relevant issuer or advertiser. MetaversePost strives for accurate, impartial reporting; however, market conditions may change unexpectedly. Alisa, a passionate journalist at MetaversePost, delves into the world of cryptocurrency, zero-knowledge proofs, investments, and the broader Web3 ecosystem. With a sharp focus on burgeoning trends and technologies, she provides insightful coverage to keep her audience informed and engaged in the rapidly shifting realm of digital finance. Blum celebrates its one-year anniversary, recognized with awards as the ‘Best GameFi App’ and ‘Best Trading App’ during the Blockchain Forum 2025.