This week, a group of Republican senators introduced a new bill aimed at establishing clear rules for the regulation of cryptocurrencies and digital assets in the U.S.
Goals of the New Cryptocurrency Bill
Senators Tim Scott and Cynthia Lummis have put forward a new bill aimed at creating clear rules for cryptocurrency regulation in the U.S. The proposed legislation will help determine when a digital asset is classified as a security (regulated by the SEC) and when it is classified as a commodity (regulated by the CFTC).
Additionally, the proposal allows crypto exchanges to register with the CFTC, which many in the industry see as a more favorable option. The goal is to reduce how much control the SEC has over cryptocurrencies.
Support and Remarks from Senators
Senators Thom Tillis and Bill Hagerty have also shown support for the bill. The proposal includes basic rules to prevent illegal activities such as money laundering and evading international sanctions.
According to Senator Scott, this bill may serve as a starting point for further discussions in Congress. He believes that to finally clarify crypto rules, politicians will be able to cooperate without political differences.
Future Steps in Cryptocurrency Regulation
Last week, the Senate passed a bipartisan bill on stablecoins, with nearly all Republicans and 18 Democrats voting in favor. Senator Lummis mentioned that this is merely the beginning, and now it’s time to tackle the larger challenge of market structure for all digital assets.
The Senate Banking Committee’s subcommittee on digital assets will hold a hearing about the bill on Tuesday at 3 p.m. ET, which is anticipated to be the next significant step in developing U.S. crypto regulation.
The introduction of this new bill highlights the growing interest among lawmakers in creating clear guidelines for the cryptocurrency market in the U.S., which could impact the future of the industry.
