Lawmakers in the U.S. Senate have proposed an entirely digital asset-based banking system.
There is a draught crypto regulatory bill ready to be presented to the US Senate by Senators Cynthia Lummis and Kirsten Gillibrand.
First-of-its-kind legislation aiming at fully integrating digital assets into the U.S. financial system has been reported by Politico. On June 7, 2022, the draught law will be made public.
With this measure, crypto legislation will be clarified while also giving the most accurate and recognised categorization of digital assets accessible worldwide.
In a tweet sent out last week, Senator Lummis stated that the crypto law was nearing completion. Co-authoring the legislation was Democratic Senator Kirsten Gillibrand of New York, who joined the initiative earlier this month. A lot of people in the crypto business perceive this partnership as a non-partisan effort toward regulating cryptocurrency.
Cryptocurrencies and other digital assets are proposed to be regulated by a self-regulatory organisation proposed under the law. There are rumblings in Washington that Bitcoin miners may be exempt from regulations governing financial brokerage firms.
As part of the proposal, CFTC would be designated as the regulator of the crypto market. Although this strategy would violate SEC regulations, the commission has decided to go through with it (SEC). Under Gary Gensler’s leadership, the SEC has taken an active role in monitoring the crypto industry.
Legislators are becoming more interested in regulating the crypto business, and this new measure is a response. The White House and other regulatory organisations across the globe have recently initiated research into the crypto industry.