In the US, the crypto market collapsed after the SEC sued Binance and Coinbase. In particular, the SEC’s designation of some cryptocurrencies as ‘securities’ deepened the collapse. After that, some crypto exchanges decided to exit the USA in response. However, US Senator Cynthia Lummis is pushing for cryptocurrency regulations with a bipartisan bill that will focus primarily on token definitions.
Lummis aims for crypto-friendly regulation in the US
cryptocoin.comAs you follow, the crypto market is going through tough times under regulatory pressure. The SEC’s lawsuit against leading crypto exchanges Binance and Coinbase further exposed this. In addition, regulatory uncertainty created an atmosphere of panic in the market. Now, US Senator Cynthia Lummis has announced efforts from social media to create a regulatory framework that would allow individuals and companies to own and trade digital assets in the United States. The move was greeted with applause from the wider crypto community on Twitter.
Working with Senator Kirsten Gillibrand, Lummis is working on a renewed bipartisan effort to introduce comprehensive regulations for cryptocurrencies. This legislative effort is expected to gain traction on Capitol Hill later this year and pave the way for a much-needed framework for the rapidly evolving digital asset space. Lummis underlines that the opposition has successfully blocked the inclusion of a 30% digital asset mining tax in the latest debt ceiling agreement. He also highlights that the struggle to create a clear regulatory environment for the industry is not over yet. In this context, Lummis shared the following:
We have successfully blocked POTUS’ 30% digital asset mining tax from being included in the debt ceiling agreement, but the fight is not over yet. I am working on a regulatory framework that will enable individuals and companies to own and trade digital assets in the United States. Stay tuned…
What will the bill bring?
Earlier, during a digital assets symposium, Senator Gillibrand stated that the revised version of the bill will be more detailed, specifically in terms of describing tokens and the processes required to obtain them. According to the senators, the move aims to provide much-needed clarity. Besides that, it aims to address the current uncertainties in the cryptocurrency environment.
According to recent reports, the forthcoming bill primarily aims to define digital assets. It also aims to potentially remove the “securities” label associated with them. In addition, the proposed legislation is likely to introduce a universal ban on algorithmic stablecoins. However, further deliberation is required to determine the stablecoin issuing entities and the requirements for their USD reserves.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.