July 1, 2022

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US $ 1.2 trillion projects affect crypto transactions

The main bill to regulate bitcoin was introduced in the United States

Today Senators Lumis and Gillibrand serve ர சி து To the US Senate. The law aims to fully regulate and incorporate bitcoin and other cryptocurrencies into the financial system.

The long-awaited proposal is currently being put forward

After months of appearances at podcasts and the crypto sector events, today the bill is being introduced to regulate the crypto sector and cryptocurrencies. The proposal is titled “Ensuring Responsible Financial Inventions and Bringing Digital Assets Fully within Regulatory Boundaries”, but also referred to as the Responsible Financial Discovery Act.

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According to Lumis, if the law is passed, it will ensure that the United States continues to lead the way in the financial sector. A Analysis From the news website Politico, the law ensures that the rules surrounding crypto are clear and that crypto is highly trusted and reasonably classified in the United States. In other words, trading in crypto in the United States is a very obvious thing for (professional) investors.

Regulating Bitcoin miners and supervision

Cynthia Loomis, Himself a Republican, is submitting the proposal along with Democrat Kirsten Gillibrand. Gillibrand has been active since March and is now co-author of the bill. From the crypto sector, the law is seen as an impartial scheme.

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The broad outline of the new law was outlined by Lumis during previous public appearances. For example, it is recommended that bitcoin miners be given a separate status, not a financial institution, and go to the Commodity Futures Trading Commission (CFTC), the sister body of the Securities and Exchange Board of Securities and Exchange Commission (SEC). )

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The SEC has so far been very busy controlling the crypto sector, especially with strict enforcement. According to insiders, both the CFTC and the SEC are involved in drafting the bill.

Intense campaigning processes

It is very unlikely that this text will become the final law in its entirety.

Miles Jennings of Andreessen Horowitz, one of the largest investors and campaigners in the crypto industry, said: “This is the starting point for discussions about what the law should look like.”

Washington is expected to be heavily visited in the coming months by supporters and opponents of Bitcoin and other cryptocurrencies.