Wyoming Senator Cynthia Lummis is preparing to present a bill detailing provisions on cryptoasset regulation and consumer protection.
According to
publications Bloomberg, Cynthia Lummis’s bill will provide regulators with clear guidance on the classification of various assets, including cryptocurrencies, as well as the regulation of stablecoins. In addition, the bill will be aimed at protecting the rights of users. It involves the creation of a new organization to oversee the digital asset market. This agency will be jointly administered by the US Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC).
In October, cryptocurrency exchange Coinbase proposed forming a separate agency to control the cryptocurrency market. Perhaps Lammis felt that Coinbase’s proposal did make sense. However, Dan Gallagher, general counsel for the Robinhood trading platform, previously called it a bad idea, as the SEC and CFTC will not be able to fully delegate authority to the new agency.
The bill will have to go through a “thorny path” through the Senate, many of whose members are biased towards cryptocurrencies. However, this will be a real attempt to establish rules for overseeing the emerging industry.
Lammis is considered a supporter of cryptocurrencies and even invests in bitcoin, considering it a reliable store of value. A few months ago, she reported to SEC on the purchase of bitcoin for up to $ 100,000.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
