Senator Cynthia Lummis of the United States has stated that her efforts to promote a favorable crypto regulatory framework continue.
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 its urgency.
Lummis was praised on Crypto Twitter 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. The forthcoming legislative effort is anticipated to make significant progress in Congress this year, providing a crucial framework for the swiftly evolving digital asset industry.
We successfully prevented @POTUS' 30% digital asset mining tax from being included in the debt ceiling deal but the fight is far from over.
I am working on a regulatory framework that will allow individuals and companies to own and trade digital assets in America.
Stay tuned…
— Senator Cynthia Lummis (@SenLummis) June 10, 2023In 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.
The legislation aims to establish a stable framework for crypto industry businesses and investors by establishing a precise classification for tokens. The initiative will address regulatory uncertainties, foster innovation, and promote responsible sector growth.
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 tokenization facets.
Supposedly, the proposed legislation will prohibit algorithmic stablecoins globally. However, additional deliberation is required to designate the entities authorized to issue stablecoins and the requirements for maintaining U.S. dollar reserves.
