Sens. Lummis and Gillibrand to Introduce Revised Crypto Regulatory Bill
Sens. Cynthia Lummis and Kirsten Gillibrand will be unveiling an updated version of their comprehensive crypto regulatory bill. The revised bill maintains the broad scope of the previous legislation but incorporates major industry developments, such as the collapse of FTX. The bill aims to establish a clear path for digital assets to transition from securities to commodities and create a comprehensive regulatory framework for digital asset trading and stablecoin issuance in the U.S.
Key Points:
- The bill expands the Commodity Futures Trading Commission’s power over spot markets and centralized digital asset exchanges.
- “Crypto asset companies” would be given the authority to define their own assets.
- Issued digital assets could be considered commodities if they don’t involve financial interests in a company.
- The bill redefines custody rules for digital assets qualifying as securities.
- Stablecoin issuers would be required to register federally or at the state level as depository institutions and maintain high-quality liquid assets.
Hot Take:
The revised crypto regulatory bill introduced by Sens. Lummis and Gillibrand aims to address the evolving landscape of the industry. While it expands regulatory oversight and introduces new requirements for companies, it also provides clarity and potential benefits for the crypto market. However, the bill’s sweeping scope and potential resistance from the Biden administration and skeptical lawmakers may pose challenges to its passage into law.
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