ChainCatcher news, the ruling party in Turkey has submitted a draft cryptocurrency bill to parliament, focusing on licensing and registration issues for cryptocurrency service providers, and aligning with international standards.According to Reuters, the draft bill aims to update existing laws to comprehensively regulate the emerging cryptocurrency market. The main areas of focus for the bill include consumer protection, platform transparency, and compliance with financial regulations. The proposed regulations intend to regulate cryptocurrency trading platforms and other service providers in the sector, requiring them to obtain licenses from the Turkish Capital Markets Board.The draft law aims to manage cryptocurrency asset service providers that Turkish residents can participate in, the operation of cryptocurrency asset platforms, the storage of cryptocurrency assets, as well as the buying, selling, and transferring of cryptocurrency assets. The legislation also addresses the classification of cryptocurrencies and projects, ensuring compliance with existing financial regulations.

ChainCatcher news, according to Cointelegraph, Coinbase, Robinhood, and the CFTC will testify on June 6 before the U.S. Congress regarding the draft crypto bill. The three parties will share their views on the proposed legislation, which may classify certain crypto tokens as digital commodities, among other things.It is reported that the "Discussion Draft on Digital Asset Market Structure" was released on June 2, as part of an initiative led by Republican Congress members Patrick McHenry and Glenn Thompson, aimed at providing "a statutory framework for the regulation of digital assets to provide clarity, fill regulatory gaps, and promote innovation while ensuring adequate consumer protection."Earlier today, Coinbase's Chief Legal Officer testified before Congress regarding the "Discussion Draft on Digital Asset Market Structure." (source link)