Senator Cynthia Lummis recently shared important updates about the Crypto Market Structure Bill at the Wyoming Blockchain Symposium. This bill is set to be a significant step toward stricter regulation of the crypto industry.
Importance of the Crypto Market Structure Bill
With recent struggles in cryptocurrency prices, regulation has become a top priority for the U.S. Lummis emphasizes that the country must compete with other jurisdictions like Singapore and Japan, which already have clearer regulatory frameworks. In her speech, the senator stated that the crypto market structure bill should pass by Christmas.
> CITE_W_A: Senator Lummis noted, "Regulatory clarity will be the key to Bitcoin's next expansion phase."
Industry Feedback and Ancillary Assets
Lummis also reported receiving substantial industry feedback. The Senate is actively gathering opinions from companies and stakeholders about cryptocurrencies, indicating a serious approach to governmental regulation. This version of the bill will include definitions for crypto asset classes, clarifying their roles in the financial system.
> CITE_NA: "Crypto assets should be counted in mortgage applications."
Optimism and Bill's Impact on Innovation
Lummis also mentioned the need to revise outdated tax rules, particularly regarding the definition of a "broker." She proposed changes that would facilitate the inclusion of crypto holdings in mortgage applications. Despite the U.S. losing some business to other regions, Lummis is confident that the crypto market structure bill can position the country as a leader in technology.
> CITE_W_A: "The Crypto Market Structure Bill may be the pivotal moment that the crypto industry has long been waiting for."
Senator Lummis's Crypto Market Structure Bill has the potential to provide much-needed clarity and protection for customers while fostering innovation in the U.S. crypto space.
