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In this regard, Lummins considered that it is complicated to categorize such cryptoassets, so he leaves the task of legally addressing the NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. to other interested agencies and legislators, this after their bill is passed.
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Cynthia Lummins, the well-known U.S. Senator from the U.S. Senate for the Republicano for the state of Wyoming, indicated today that the crypto bill he is working on would be designed “to operate within the traditional framework for managing and regulating traditional assets.” a very good overall picture for the ecosystem, but it does not cover the NFT within your proposal.
Lummins’ remarks came during an interview hosted by the Axios team, where he offered some details about the bill he is working on with Democratic Senator Lristin Gillibrand, which will be broken down into several components for consideration in the respective committees responsible.
On the bill, Lummins noted that the oversight of cryptocurrencies will be divided between 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) and the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) The state agencies that have already had their disagreements on this matter. He clarified that it will be the SEC the one which intervenes when an asset meets the criteria of the Howey Test to qualify as a security, according to the criteria adopted in 1946 to define this class of financial instruments.
On the wide variety of altcoins present in the market, Lummins commented that regulation must also address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. these assets pertinently, but that the most important thing is to know how to differentiate them in order to know how to approach them, thus allowing some of these to be used for programs where they would have a place, such as retirement savings packages.
NFT outside the bill
An important aspect highlighted by Lummins is that the controversial digital digital technologies are these electronic tools that have the ability to generate, store or even process data. collectibles, better known as NFT, will not be addressed in this first bill that will be introduced soon.
In this regard, the senator clarified that“es muy difícil descubrir cómo categorizarlos”, so it will not be within the competence of this first proposal to solve that problem. Therefore, the door will remain open for regulators to decide whether they want to regulate them and/or how to address them, but only after their bill is passed.
Among other issues that the Lummins-driven initiative will not address is precisely the environmental debate facing major cryptocurrencies. But what it does touch on is the idea of cryptocurrencies backed by central banks. (CBDC), This is considered a priority by the U.S. administration.
Es importante regular
Among other comments, Lummins noted that digital assets are “non-partisan”, so the need to address them legally is comprehensive. Therefore, the bill he is working on is complex, but it has been progressing little by little, adequately covering all the necessary aspects to ensure an optimal approach to these issues.
Lummins’ efforts are not isolated, as the executive order announced by President Biden, which asked all state agencies to closely investigate cryptoassets in order to think of appropriate ways to regulate them, was part of the work he has been doing. It is worth noting that the latter referred to the issue in a friendly way, which generated positive feelings among enthusiasts and investors.
From a more statewide point of view, efforts by legislators in several localities to give some kind of legal approach to these assets are also noteworthy.
- Sen. Cynthia Lummins says bill to link cryptocurrencies to U.S. financial system is nearly ready
- New bill would ban New Jersey public officials from receiving cryptocurrencies “by way of gift”
- VanEck CEO: “SEC is holding a 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. ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. hostage while it hopes to have jurisdiction over crypto markets”
Source: Cointelegraph
Version by Angel Di Matteo / DiarioBitcoin
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