Senator Cynthia Lummis’ bill addressing cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. regulation comprehensively is ready to make its way into the hands of Congress.
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- Lummis reiterated that the bill will be introduced on Tuesday, June 7.
- This is a comprehensive legal framework for a comprehensive regulation of cryptocurrencies.
- Lawmakers could vote on the bill in 2023.
One of the most high-profile efforts to introduce cryptocurrencies to the financial system in the United States is about to take a concrete step this June.
U.S. Senator Cynthia Lummis has been making headway over the past few months on her work on a comprehensive bill addressing the regulation of digital assets. The Republican revealed for the first time on the proposal in December of last year, and has been working with Democratic Senator Kirsten Gillibrand this year to draft a policy framework.
The work of the past few months will finally bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” fruit, as both senators prepare to introduce the proposal next week. Lummis had announced at the end of May that the June 7 was a tentative date for finally submitting the draft bill to the U.S. Congress. En un tweet Friday, the senator reiterated that this schedule remains in place:
We have been announcing it for months, but the time is almost here: a proposal to fully integrate digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets into our financial system. We are excited to unveil this project next week. Stay tuned.
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
Lummis bill arrives Tuesday
The bipartisan bill promises to be key to the integration of digital assets into the traditional financial system. According to previous reports, the regulations will address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. everything from how digital assets are categorized and taxed, to the place of federal regulators in overseeing the market. Other crucial issues such as mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. and consumer protections are also addressed.
According to a report by CoinDesk which reviewed an earlier draft of the bill, one of the central proposals is that the Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC) as the primary regulator of the spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. and futures markets, while the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) would remain as the overseer of cryptocurrencies.
The draft also appears to address many of the key blind spots in cryptocurrency regulation today. For example, it would clarify terms around the classification of cryptocurrencies while clarifying that the mining of digital currencies would not be regulated regulation is when something is controlled by a specific set of rules. by the same rules that apply to stock brokers.
It would also regulate the stablecoins although would leave aside the popular tokens no fungibles (NFT) as previously indicated DiarioBitcoin . It should be noted that the reports on the draft law are based on earlier versions of the draft rather than the final version.
Lummis, who is one of the advocates of the Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Washington’s most adamant, released May 27 that the draft was still a work in progress and that a final draft would be released June 7. “ Any language circulating online is an incredibly out-of-date version of March 1st. “, he said in a tweet the senator, inviting the public to wait for the final draft.
2023: a tentative date for your vote
A few days earlier, in an interview for CoinDesk Gillibrand had also noted that the bill was still being drafted. At that time, as reported by the media, the senator was “ optimista ” on passing the bill by 2023. She said she hopes to get the Senate’s votes “ next year at the latest “.
We’re really committed to creating the kind of framework and groundwork legislation that will allow this industry to grow, to thrive. The best thing we can do for all these companies is to bring clarity.
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Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
