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With the rapid development and growing adoption of cryptocurrencies, the need for regulatory clarity has become paramount. US Senator Cynthia Lummis said her efforts to promote a positive regulatory framework are still ongoing.
Senator Lummis received praise from the cryptocurrency community on Twitter as she shared her commitment to developing a regulatory framework that will make it easier to own and trade digital assets in the United States. Her tweet serves as a reminder of the pending bill, due to be released in April.
In collaboration with Senator Kirsten Gilflibrand, Senator Lummis has been involved in a bipartisan initiative to propose extensive regulations for cryptocurrencies. The upcoming legislative effort is expected to bring significant progress in Congress this year, creating an important foundation for the booming digital asset industry.
We successfully prevented @POTUS‘ 30% digital asset mining tax from being included in the debt ceiling deal but the fight is far from over.
I am working on a regulatory framework that will allow individuals and companies to own and trade digital assets in America.
— Senator Cynthia Lummis (@SenLummis) June 10, 2023
In her tweet, she highlighted the opposition’s success in preventing a 30% digital asset mining tax from being included in the recent debt ceiling deal. Senator Lummis stressed that the battle to create a transparent regulatory framework for the cryptocurrency industry is far from over.
The proposed bill aims to achieve several goals, including providing a clear definition of cryptocurrency and potentially removing the “security” designation. By establishing a precise classification of tokens, the legislation seeks to create a stable foundation for businesses and investors in the cryptocurrency industry. These efforts will not only eliminate regulatory uncertainty, but will also spur innovation and promote responsible growth in the sector.
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Senator Gilflibrand stressed the importance of a thorough approach. The revised bill will provide clear guidance on the procedures required to acquire tokens, establishing a comprehensive framework covering various aspects of tokenization.
In addition, the proposed law would presumably impose a general ban on algorithmic stablecoins, although further discussions are needed to determine who is authorized to issue stablecoins and the requirements associated with maintaining their US dollar reserves.