US Senators are about to complete a very comprehensive crypto law that has been on hold since last year. Senator Cynthia Lummis shared in an interview with Fortune that the legislation will be the most comprehensive bill to date.
US introduces the most comprehensive cryptocurrency law in history: Responsible Financial Innovation Act
Senators Cynthia Lummis and Kirsten Gillibrand are set to reintroduce the sweeping law next Wednesday, after delaying an updated version of its ambitious cryptocurrency regulations for months. The bill comes at a time when Congress continues to debate the future of cryptocurrency regulations.
Lummis and Gillibrand will reintroduce the landmark law on July 12. It will be the most comprehensive proposal to date.
‘The most comprehensive law preparation’
US Senators are currently in the final stages of a comprehensive bill on cryptocurrency regulations. Last year’s bankruptcies made the law inadequate to meet the industry’s needs. Along with the latest regulations, the law addresses key issues such as stablecoin regulations, market structure and regulations, and taxation. As such, it will be the most comprehensive crypto law in history.
The primary purpose of the bill is to reassure investors and consumers against various risks. At this point, crypto companies will also have a moderate attitude. Ron Hammond, director of government relations at the Blockchain Association, says his bill will be common to all, for or against crypto.
SEC targets crypto platforms as unregistered exchanges
In the latest developments from the US, the SEC has stepped up its enforcement efforts in the crypto exchange space. He recently filed a tripartite lawsuit against supposedly unregistered national stock exchanges. The SEC’s targets were Bittrex, Binance, and Coinbase. At this point, the SEC warns that it may impose sanctions on all ‘swap’ platforms, including DeFi:
Under the current version of Rule 3b-16, an organization, association, or group of persons is considered a clearinghouse or clearinghouse when: “(1) brings together securities orders from more than one buyer and seller; and (2) uses established, discretionary methods (by providing a trading facility or setting rules) where such orders interact with each other and buyers and sellers entering such orders agree to the terms of a trade.
cryptocoin.comAs you follow, the SEC sued the market’s largest centralized exchanges in June. The first lawsuit was against Binance on June 5th. Then, a day later, he faced a lawsuit at Coinbase on similar grounds.
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