Lummis and Gillibrand want to present responsible regulation for crypto-assets in the US Senate again

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Der Responsible Financial Innovation Act, ein überparteiliches Gesetz, das von den US-Senatoren Cynthia Lummis und Kirsten Gillibrand unterstützt wird, wird am 12. Juli erneut dem Senat vorgelegt. Das Ziel des Gesetzes ist es, die Rollen der Securities and Exchange Commission (SEC) und der Commodity Futures Trading Commission bei der Regulierung digitaler Vermögenswerte zu klären und gleichzeitig den Verbraucherschutz zu gewährleisten. Der Gesetzentwurf wurde erstmals im Juni 2022 nach dem Kryptomarktcrash vorgelegt. Dieser Crash führte zur Insolvenz mehrerer namhafter Unternehmen und zum Preisverfall vieler Token. Der aktualisierte Gesetzentwurf wird Aktualisierungen der US-Steuergesetzgebung enthalten, die es der Krypto-Asset-Branche ermöglichen sollen, ihre eigene …
The responsible Financial Innovation Act, a non-partisan law, which is supported by US senators Cynthia Lummis and Kirsten Gillibrand, will be presented to the Senate again on July 12th. The aim of the law is to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission in the regulation of digital assets and at the same time to ensure consumer protection. The draft law was first presented in June 2022 after the cryptomarkt crash. This crash led to the bankruptcy of several well -known companies and the drop in prices for many tokens. The updated draft law will contain updates of US tax legislation that should enable the crypto-asset industry to ... (Symbolbild/KNAT)

The responsible Financial Innovation Act, a non-partisan law, which is supported by US senators Cynthia Lummis and Kirsten Gillibrand, will be presented to the Senate again on July 12th. The aim of the law is to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission in the regulation of digital assets and at the same time to ensure consumer protection.

The draft law was first presented in June 2022 after the cryptomarkt crash. This crash led to the bankruptcy of several well -known companies and the drop in prices for many tokens. The updated draft law will contain updates to US tax legislation that should enable the crypto-asset industry to finance their own supervision. In addition, guidelines are to be introduced to prevent a new event such as the collapse of the FTX crypto exchange in November 2022.

The draft law was drawn up in response to the collapse of Terraform Labs, a South Korean company whose algorithmic stable coin was decoupled from the US dollar. The legislation is therefore also stipulated that payment booth coins may only be issued by deposit institutions.

The LummiS-Gillibrand-BroBen draft has received positive reactions from legislators and industry leaders who criticize the lack of clarity of the US regulatory authorities. You see the law as an important step towards a clear and stable regulatory framework for the crypto industry. This is particularly important at a time when some elected officials contribute to political discussions about the crypto.

Although the responsible Financial Innovation Act is an option, members of the House of Representatives have also made different suggestions for regulating cryptocurrencies. A draft discussion published in June would severely limit the authority of the SEC via crypto companies. The Financial Service Committee of the House of Representatives has also developed a draft law that suggests that the Federal Reserve will be the main regulator for stable coins.

It remains to be seen how the regulation of the cryptor room will develop and what influence the responsible financial innovation act and other laws will have on the industry. However, it is clear that the creation of a clear and responsible regulatory framework for cryptocurrencies is of crucial importance in order to enable companies and investors to flourish in the United States and at the same time to protect consumers.