The group of 12 senators stressed the need for a bipartisan solution to market structure as Republicans on the banking committee plan to pass a bill this month. A group of Democratic US senators has released its own version of guidelines to influence legislation to establish a crypto market structure, focusing on taking time toward a “strong, bipartisan outcome.” In a Tuesday notice, 12 Democratic senators, several of whom are on the banking committee, unveiled a framework for market structure legislation in response to Republicans’ plans. Like the Republicans’ latest draft released on Sept. 5, the Democrats’ framework includes provisions for regulatory clarity and laying out rules by which the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) could handle digital assets. Read more
Karachi experienced showers throughout Tuesday as the Met Office warned that “torrential rains” could cause urban flooding and waterlogging in the city’s low-lying areas. Meanwhile, three people lost their lives in rain-related incidents, which included two teenagers, who lost their lives due to electrocution during the downpour. The Pakistan Meteorological Department (PMD) said that a deep depression system that was to cause rain in the city had weakened into a depression that was now lying over central Sindh. It would continue to move nearly west/ southwest-ward and gradually further weaken into a well-marked low pressure area during next 12 hours, the PMD added. “Due to this system strong monsoon currents are continually penetrating in the province. Under its influence, widespread rain-wind/ thundershower with strong gusty winds along with scattered heavy to very heavy/ isolated exceptional heavy falls are expected in … Karachi division till tomorrow with occasional gaps.” A view of a road in the Saddar ar...