Senator Lummis Continues Push For Positive Crypto Regulation

2023-06-12 01:42:38

(MENAFN- CoinXposure) Senator Cynthia Lummis of the United States has stated that her efforts to press for a positive crypto regulatory framework are ongoing, with the rapid evolution and growing adoption of cryptocurrencies adding to their urgency.

Lummis was praised on CryptoTwitter for her commitment to establishing a regulatory framework to facilitate the ownership and trading of digital assets in the United States.

Her tweet serves as a reminder of the measure expected to be introduced in April.

Lummis has been engaged in a bipartisan initiative with Senator Kirsten Gillibrand to propose extensive cryptocurrency regulations.

It is anticipated that the future legislative effort will make significant progress in Congress this year, providing a crucial framework for the swiftly evolving digital asset industry.

In her message, the lawmaker highlighted her party's success in preventing a 30% digital asset mining tax from being included in the recent debt ceiling agreement.

Lummis underscored that the fight to establish a transparent regulatory framework for the cryptocurrency industry is far from over.

The proposed legislation seeks to achieve multiple goals, including a precise definition of cryptocurrencies and the prospective removal of the“security” designation.

By establishing an accurate classification for tokens, the legislation aims to establish a stable framework for crypto industry businesses and investors.

The initiative will address regulatory uncertainties, foster innovation, and promote responsible sector growth.

See also binance.us sells bitcoin at $700 premium 1 month ago

Gillibrand has emphasized the importance of a systematic approach.

The revised law will specify the steps required to acquire tokens and establish a comprehensive framework encompassing all facets of tokenization.

Supposedly, the proposed legislation will prohibit algorithmic stablecoins globally .

To designate the entities authorized to issue stablecoins and the requirements for maintaining U.S. dollar reserves, however, additional deliberation is required.

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