Senators file first federal crypto regulations in US

Two US senators have introduced a bill to formally regulate the crypto-asset industry.

Democratic Senator Kristen Gillibrand and Republican Cynthia Lummis presented the new law on responsible financial innovation on June 7.

The legislation is designed to act as a “regulatory framework for digital assets”, according to a press release announcing the introduction of the law. It aims to encourage responsible and transparent financial development and provide consumers with the necessary protections when investing in cryptocurrencies or digital assets such as non-fungible tokens.

He will work to address a range of different market topics, including banking, taxation, stablecoin regulation, and interagency coordination.

The senators’ announcement claimed that the bipartisan law was the most definitive of its kind, aimed at bringing clear and comprehensive regulation to the digital asset and blockchain markets.

Senator Lummis, a member of the Senate Banking Committee, said: “The United States is the global financial leader, and to ensure that the next generation of Americans enjoy greater opportunities, it is essential to integrate digital assets into existing legislation and harness efficiency and transparency. of this asset class while addressing the risks.

“My home state of Wyoming has gone to great lengths to lead the country in digital asset regulation, and I want to bring that success to the federal level. As this industry continues to grow, it is essential that Congress carefully craft legislation that promotes innovation while protecting the consumer from bad actors.

The settlement is also known as Lummis-Gillibrand and contains a slew of provisions, including the creation of an advisory committee, the drafting of stablecoin requirements, an in-depth review of power consumption by the digital asset market and the establishment of a tax structure for digital assets.

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