Cynthia Lummis, U.S Senator, has filed a new bill focused on fully integrating digital assets into the financial system of the United States.
The Senate of the United States will be presented with a prepared draft bill on crypto regulations by senators Cynthia Lummis and Kirsten Gillibrand.
This is a brand new bill targeted at fully integrating digital assets into the US financial system. On June 7, 2022, the draft legislation will be presented.
The bill, as per Politico, is designed to explain cryptocurrency legislation while also giving the most trustworthy and accurate classification of digital assets accessible internationally.
In a tweet last week, Senator Lummis affirmed the crypto bill’s completion, saying that: “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.”
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
The legislation was co-authored by Senator Kirsten Gillibrand of New York, a Democrat who supported the initiative earlier in March. Many in the crypto community perceive this partnership as an impartial approach to crypto legislation.
The legislation proposes the establishment of a self-regulatory entity to oversee cryptocurrencies and other digital assets. Suggestions were made at exempting Bitcoin (BTC) miners from financial brokerage regulations by lawmakers.
The Commodity Futures Trading Commission (CFTC) was proposed to be designated as the crypto market’s regulator, in the document.
This idea, however, may cause friction between the commission and the Securities and Exchange Commission (SEC). The SEC, led by Chairman Gary Gensler, has been aggressively involved in monitoring the crypto industry.
The proposed legislation arises as officials become increasingly concerned about the crypto industry’s restrictions. A study was commissioned into the cryptocurrency market by the White House and other regulatory authorities across the world have also advocated for greater regulatory adjustments.