#BlockchainPolicy
2 articles tagged #BlockchainPolicy — curated RWA tokenization coverage.
‘It’s disappointing’: U.S Treasury Secretary slams Democrats’ CLARITY Act holdout
U.S. Treasury Secretary Scott Bessent recently criticized Senate Democrats for stalling the CLARITY Act, a significant piece of legislation aimed at establishing a comprehensive crypto market structure in the United States. Despite ongoing negotiations, including a potential ethics deal involving Senator Thom Tillis and Senator Ruben Gallego, the bill faces substantial hurdles before the upcoming August recess. Key Democratic concerns regarding the bill include developer protections under the Blockchain Regulatory Certainty Act, illicit finance provisions, and the oversight role of state attorneys general. Bessent argued that the BRCA simply codifies existing Treasury policy regarding non-custodial developers, yet political resistance remains high. Internal Republican support is also not unanimous, with Senator Josh Hawley identified as a notable holdout, necessitating at least 11 Democratic votes for passage. Market sentiment has soured significantly, with prediction markets lowering the probability of the bill's passage this year to a yearly low of 27%. The outcome of this legislation is critical for the RWA market, as it seeks to provide the regulatory clarity necessary for institutional adoption and the legal framework for tokenized assets. Failure to pass the act could delay the integration of traditional financial instruments onto blockchain infrastructure.
Maharashtra Plans India’s First Blockchain Real Estate Tokenization Law
The government of Maharashtra is drafting the Maharashtra Digitisation and Exchange of Land Token Assets Act to establish India's first legal framework for blockchain-based real estate tokenization. Chief Minister Devendra Fadnavis has directed officials to form a committee including representatives from SEBI, the Bombay Stock Exchange, and the National Stock Exchange to study global regulatory practices. This initiative aims to modernize land ownership by allowing real estate assets to be represented as digital tokens on a distributed ledger, ensuring they maintain legal validity. By moving away from traditional paper-based documentation, the state intends to improve transparency, streamline property transfers, and facilitate the use of real estate as collateral for loans. The proposal seeks to unlock economic value currently trapped by lengthy title verification and administrative formalities. This move follows the state's recent amendment to the MPID Act, which recognized cryptocurrencies as recoverable property, signaling a broader commitment to integrating blockchain into public administration. If enacted, this legislation could position Maharashtra as a national leader in property infrastructure and provide a scalable model for other Indian states to adopt.