{"id":24459,"date":"2023-07-12T03:27:18","date_gmt":"2023-07-12T03:27:18","guid":{"rendered":"https:\/\/icoinmarket.com\/us-senators-to-unveil-crypto-regulation-proposal-on-wednesday\/"},"modified":"2023-07-12T03:27:18","modified_gmt":"2023-07-12T03:27:18","slug":"us-senators-to-unveil-crypto-regulation-proposal-on-wednesday","status":"publish","type":"post","link":"https:\/\/icoinmarket.com\/us-senators-to-unveil-crypto-regulation-proposal-on-wednesday\/","title":{"rendered":"US Senators to Unveil Crypto Regulation Proposal on Wednesday"},"content":{"rendered":"
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The enduring ambiguity of crypto regulation in the United States is poised to witness a defining moment. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) prepare to unveil their revamped crypto regulation proposal. <\/p>\n
The controversial bipartisan bill, known as the Lummis-Gillibrand Responsible Financial Innovation Act, seeks to bridge the regulatory divide that underscores the crypto industry in America.<\/p>\n
An escalating dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the precise nature of cryptocurrencies has left businesses in limbo. Both regulators are wielding their respective enforcement powers against crypto exchanges, Coinbase and Binance. <\/p>\n
The Lummis-Gillibrand Act aims to \u201cprovide for responsible financial innovation and to digital assets within the regulatory perimeter.\u201d It designates most cryptos as commodities under the CFTC\u2019s purview, in stark contrast to the SEC\u2019s ongoing enforcement actions.<\/p>\n
The legislation asserts a bid to prevent further turmoil in the crypto sector, which has seen a string of high-profile collapses leading to substantial investor losses in the past two years. <\/p>\n
\n\u201cThis legislation is the most comprehensive proposal to date that\u00a0provides robust consumer protections and appropriately addresses the current landscape surrounding crypto assets,\u201d said Senator Lummis.<\/p>\n<\/blockquote>\n