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[Delio] U.S. Senator Lummis to Unveil the Crypto-friendly Bill This Week

During this week’s congressional session, Bitcoin-friendly Wyoming senator Cynthia Lummis will unveil the first draft of a bill on cryptocurrencies in the United States, the financial media Finbold reported on June 6.

Besides clarifying various aspects of crypto regulations, the bill will identify the correct classification of digital assets. Lummis stated on Twitter that if the bill is integrated into law, cryptocurrencies would formally enter the financial system.

A self-regulatory organization is one of the suggestions in the draft bill. The proposal is likely to prompt clashes, however, since the SEC insists that most digital assets are potentially under its jurisdiction.

The lawmakers have hinted that another potential proposal from the bill is to exempt Bitcoin miners from rules covering financial brokerage firms. At the same time, the bill will grant additional authority to the CFTC to supervise crypto markets.

Moreover, The SEC and CFTC will collaborate on consumer protections, stablecoin regulation, and establishment of a new organization.

Recent months have seen an increased number of calls to regulate cryptocurrencies in the United States. Along with Lummis’ draft bill, the White House has commissioned a study of bitcoin mining.

Source: FINBOLD

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Delio

Delio

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Delio Digital Asset Finance Group, established in 2018, is №1 fintech company based in Seoul and acquired digital asset licenses from Korean and US governments.