The 118th US congress reached a milestone of fifty bills and resolutions introduced in the crypto regulatory framework in various ways. After the Bipartisan law was approved by the US government, the dynamic duo of US senators Cynthia Lummis, and Kristen Gillibrand were set on a journey to provide the crypto community with what it always sought, regulatory clarity. The regulatory framework will help people in the crypto community to differentiate between crypto miners and broker-dealers.
Once the bills are introduced to crypto laws in Washington DC, the crypto market will reach new heights. With the new laws and plans, the two icons, Lummis and Gillibrand are planning to share the same at Consensus 2022, the annual crypto festival with speakers from around the Globe. The two senators, in their latest panel discussion on DC Blockchain Summit, unveiled their plans for the next month, at the festival.
The crypto regulations are complex and require intensive review of various industry aspects. While some parts are regulated by the Commodity Futures Trading Commission, some other parts are regulated by the Securities and Exchange Commission. The main purpose of the framework is to regulate the industry towards steady growth and address certainty for markets keeping the consumers protected.
The current crypto service providers and exchange platforms are prey to state and federal agencies, which confuse both the investors and policymakers. The crypto community is a complicated industry with interests in trading software and new digital assets like stablecoins, NFTs, etc. Therefore, a proper regulatory framework by the government is crucial for the investors to ensure the safety of their funds, and overall growth.
The bill will depend on the Commodity Futures Trading Commission as the futures and spot market’s prime regulator and Securities and Exchange Commission as the supervisor. Although the bill is still being drafted, both Lummis and Gillibrand are positive about the approval. The bill needs to pass through four different committees, of which the two senators are members of two of these committees.
Also Read: ‘Buying the Dip’ in Bitcoin: What of Today?
In the upcoming major event Consensus 2022, if Cynthia Lummis, a Wyoming Republican, and Kristen Gillibrand, a New York Democrat succeed in sharing the details, it will be the first major bipartisan attempt to create a regulatory framework for digital assets in the United States.