U.S. Senator Pledges To Bring Crypto-Friendly Regulation Amid SEC Lawsuits

Crypto News: In a significant move applauded by the broader crypto community on Twitter, US Senator Cynthia Lummis took to social media to announce her ongoing efforts to establish a regulatory framework that would enable individuals and companies to own and trade digital assets within the United States.

Lummis Aims For Crypto Regulation In US

Working alongside Senator Kirsten Gillibrand, Lummis has been working on a revamped bipartisan effort to introduce comprehensive regulations for cryptocurrencies. This legislative endeavor is expected to gain traction on Capitol Hill later this year, paving the way for a much-needed framework in the rapidly evolving digital asset space.

Read More: Hong Kong Legislator Invites Coinbase To Establish Crypto Operations

While highlighting the fact that the opposition successfully thwarted the inclusion of a 30% digital asset mining tax in the recent debt ceiling deal, Lummis emphasized that the fight to establish a clear regulatory landscape for the crypto sector is far from over.

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.

Stay tuned…

— Senator Cynthia Lummis (@SenLummis) June 10, 2023

Crypto Bill Expected To Address Token Definitions

Earlier, during a digital assets symposium, Senator Gillibrand stated that the revised version of the bill would be more detailed, particularly in terms of defining tokens and the processes required to obtain them. As stated by the senators multiple times, this move would aim to provide clarity and address existing ambiguities in the cryptocurrency landscape.

According to recent reports, the forthcoming bill primarily seeks to define cryptocurrencies while potentially removing the “security” tag associated with them. Additionally, the proposed legislation will supposedly impose a universal ban on algorithmic stablecoins although further deliberations are necessary to determine the entities authorized to issue stablecoins and the requirements associated for maintaining their USD reserves.

Also Read: Bitcoin Exchange Outflow Hits 1-Month High, BTC Price Pump Incoming?