A bill favorable to cryptocurrencies could quickly emerge in the United States

In the United States, Senators Kirsten Gillibrand and Cynthia Lummis introduced a bill aimed at clarifying the legal environment governing crypto assets. Many questions were addressed in order to position the country with different parts of our ecosystem.

Objective: play the leading role in the world of cryptos

Last Tuesday, a new cryptocurrency bill was introduced in Congress. It clarifies several things related to cryptocurrency regulations while determining the correct classification of digital assets.

If the project is accepted, the cryptocurrency will officially become part of the American financial ecosystem. “Digital assets, blockchain technology and cryptocurrencies have seen phenomenal growth over the past few years, and if harnessed correctly, they offer huge potential gains.

“It is essential that the United States take a leadership role in developing policies that regulate new financial products, while encouraging innovation and protecting consumers,” Gillibrand said in a statement.

As the SEC strengthens its oversight of the cryptocurrency industry, where many scams have proliferated, its regulatory role could be negated by this new bill. The authors hailed the merits of their proposal, saying it was “the first serious effort to implement comprehensive regulation of the cryptocurrency industry” by granting oversight to the CFTC.

This federal agency controls the activities of many sectors of the economy. For example, he examines contracts in the grain industry or evaluates new products before they are put on the market. The Washington Post notes that by dealing with cryptocurrencies, it adds a new string to its bow despite being a relatively small institution.

The CFTC already regulates contracts related to bitcoin or ether, two of the most popular cryptocurrencies. The proposed law would give him more powers to oversee cryptocurrency buying platforms such as Coinbase and virtual currencies more broadly.

Prioritize innovation and consumer protection

As such, the bill revolves around different themes, one of which aims to turn the United States into a regulatory sandbox. Senators Lummis and Gillibrand want federal and state regulators to work with entrepreneurs in the blockchain ecosystem.

Innovation should be prioritized and new products allowed to be tested in a supervised manner. At the same time, special attention should be paid to consumer education.

An advisory committee should also be formed to develop key guiding principles for the industry. The committee will bring together representatives of various stakeholders from the legal side and the crypto ecosystem.

On the other hand, the text calls on the Government Accountability Office (GAO) to investigate the integration of digital assets into retirement savings, such as 401(k) plans. The objective here is not to limit this possibility, but also to map the risk to justify a wise investment.

For the new bill on crypto-currencies to see the light of day, it is necessary to put in place good methods and to turn to a very strong lobbying network. Ms. Lummis and her co-sponsor, New York Senator Kirsten Gillibrand, announced the project’s colors for the first time in months at numerous events. Moreover, every time they appear in the media, they mention it.

Given the hype surrounding the project, aides Lummis and Gillibrand have received numerous suggestions from major cryptocurrency startups on what to include in the bill. Most recommendations are based on cryptocurrency trading regulations and tax policies.

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A bill favorable to cryptocurrencies could quickly emerge in the United States

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