Singularity Finance’s Cloris Chen Joins US Senate Roundtable On Crypto Legitimacy And AI Innovation
In Brief
Singularity Finance’s CEO participated in a US Senate roundtable with senators and industry leaders to discuss the future of crypto regulation, taxation on digital assets, and the role of AI-driven financial innovation.
CEO of AI-focused EVM-compatible Layer 2 blockchain Singularity Finance, Cloris Chen took part in a US Senate roundtable with prominent senators and industry leaders to discuss the future of cryptocurrency regulation, taxation on digital assets, and the role of AI-driven financial innovation. The session, which included Senators Tim Scott, Cynthia Lummis, Bernie Moreno, Bill Hagerty, and Marsha Blackburn, provided important updates on the progress of relevant legislation and examined ways to make the US more cryptocurrency-friendly.
The event was organized by Senator Marsha Blackburn and Andrew Gordon, an attorney and Certified Public Accountant with extensive expertise in cryptocurrency taxation and 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,” said Andrew Gordon as part of his keynote. “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,” he added.
Legislative Progress: Tim Scott Shares Stablecoin Bill, Cynthia Lummis Outlines Tax Reforms
Senators provided updates on upcoming legislation that will impact the cryptocurrency sector. Senator Tim Scott shared that a stablecoin bill, along with a broader market structure framework, is expected to pass within the next 100 days. This legislation is designed to offer much-needed regulatory clarity for the industry. Senator Cynthia Lummis outlined key tax reforms, explaining that the proposed bill will ensure mining and staking rewards are not taxed until they are sold. Additionally, the legislation aims to repeal the problematic broker rule and introduce a $600 de minimis exemption for cryptocurrency transactions, which would simplify compliance for everyday users.
Cynthia Lummis also highlighted the market structure bill, based on the Lummis-Gillibrand framework, which seeks to reduce regulatory uncertainty and establish clear guidelines for the industry. The bill proposes refining the Howey test to ensure that assets classified as commodities or securities retain their designation, preventing arbitrary reclassification.
Cloris Chen Discusses AI, Tokenization, And Regulatory Challenges
Meanwhile, Cloris Chen addressed the challenges that tokenized real-world assets (RWAs) encounter under current US regulations. She emphasized the importance of establishing a more defined framework that would allow tokenized RWAs to be integrated into the financial system without imposing unnecessary compliance burdens.
“The US needs to have a clearer framework on the security definition and establish a streamlined process to remain competitive,” said Cloris Chen. “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 added.
Singularity Finance is a Layer 2 blockchain designed to bring the AI economy on-chain. It provides a fully compliant framework for tokenizing RWAs, enabling the tokenization and monetization of the entire AI value chain. Originating from the SingularityNET ecosystem and closely connected to the Artificial Superintelligence Alliance, Singularity Finance is positioned to become the go-to financial blockchain for the growing AI sector.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
