New US bill seeks to incorporate crypto into mainstream financial system
Senators Cynthia Lummis and Kirsten Gillibrand are ready to present a law Project on crypto regulations in the US Senate.
According to a report by Politico, this is a first-of-its-kind bill aimed at fully integrating digital assets into the US financial system.
The draft bill will be unveiled on June 7, 2022.
According Politicsthe bill is designed to clarify crypto regulations while providing the most reliable and acceptable classification of digital assets available in the world.
Senator Lummis confirmed the finalization of the crypto bill in a tweet last week.
We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week. Stay tuned 👀 👀 👀
— Senator Cynthia Lummis (@SenLummis) June 3, 2022
Senator Kirsten Gillibrand, a New York Democrat who joined the project earlier in March, is a co-author of the bill. This collaboration is seen by many in the crypto industry as a non-partisan move towards crypto regulation.
The bill suggests the creation of a self-regulatory institution in charge of cryptocurrencies and other digital assets. Lawmakers also suggest exempting Bitcoin miners from laws governing financial brokerage firms.
The project also aims to make the Commodity Futures Trading Commission (CFTC) the regulator of the crypto market.
However, this plan could come into conflict between the commission and the Securities and Exchange Commission (SEC). The SEC, under the leadership of Gary Gensler, has been actively involved in policing the crypto space.
Continuing call for crypto regulation
The new bill comes amid growing interest from regulators in regulating the crypto industry. The White House recently spear a study on the crypto space, with other regulatory agencies around the world also calling for more regulatory changes.