Washington, D.C., February 18th, 2025, Chainwire

Singularity Finance CEO Cloris Chen participated in a pivotal U.S. Senate roundtable alongside key senators and industry leaders to discuss the future of cryptocurrency regulation, taxation on digital assets, and AI-driven financial innovation. The discussion, joined by Senators Tim Scott, Cynthia Lummis, Bernie Moreno, Bill Hagerty, and Marsha Blackburn, provided key updates on legislative progress and explored solutions to make the U.S. more crypto-friendly.

The event was hosted by Senator Marsha Blackburn and Andrew Gordon, an attorney and Certified Public Accountant with extensive experience in cryptocurrency taxation and regulatory compliance. As part of his keynote, Gordon underscored the urgent need for taxation reform, stating: "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."

Legislative Progress

Senators shared significant updates on upcoming legislation impacting the crypto industry. Senator Tim Scott announced that a stablecoin bill, along with a broader market structure framework, is expected to pass within the next 100 days. This legislation aims to provide much-needed regulatory clarity for the industry.

Senator Cynthia Lummis detailed key tax reforms, stating that the proposed legislation will ensure that mining and staking rewards are not taxed until they are sold. Additionally, the legislation seeks to repeal the unworkable broker rule and introduce a $600 de minimis exemption for crypto transactions, simplifying compliance for everyday users.

Lummis also discussed the market structure bill, which is based on the Lummis-Gillibrand framework. The bill aims to reduce regulatory ambiguity and provide clear guidelines for the industry. It refines the Howey test to ensure that assets classified as commodities or securities maintain their status without arbitrary reclassification.

Cloris Chen on AI, Tokenisation, and Regulatory Barriers

Cloris Chen, CEO of Singularity Finance, highlighted the challenges of tokenised real-world assets (RWA) faced under current U.S. regulations. She emphasised the need for a clearer framework to integrate tokenised RWAs into the financial system without excessive compliance burdens.

“The U.S. needs to have a clearer framework on the security definition and establish a streamlined process to remain competitive. Our tokenised AI assets and Treasury bills cannot be offered to U.S. 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 U.S. investors. This isn’t just about one company—it’s about ensuring the U.S. doesn’t fall behind in the global shift toward tokenised and AI-enhanced finance.”

About Singularity Finance

Singularity Finance is the first AI-centric EVM-compatible L2 blockchain bringing the AI economy on-chain. It offers a fully compliant RWA tokenisation framework to tokenise and monetise the AI value chain in its entirety. Stemming from the SingularityNET ecosystem and closely tied to the Artificial Superintelligence Alliance, Singularity Finance is poised to become the financial chain for everything AI.

Website: https://www.singularityfinance.ai/

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