On May 3, U.S. Senator Cynthia Lummis (R-WY) was interviewed by Axios news media and revealed important details about the crypto bill she hopes to introduce before the end of the year.
The bill, Lummis says, adapts the legal framework so that cryptocurrencies and traditional assets fall under similar regulatory categories.
“We’ve designed it so it works within the customary framework for managing and regulating traditional assets. So, for example, Bitcoin is a commodity. So it would fall under the Commodity Futures Trading Commission for purposes of trading and the spot market and the futures market. And then when something fits in the Howey Test, that makes it a security, it would fall under the Securities Exchange Commission.”
The Bill Won’t Curb Crypto Innovation
Lummis believes that the crypto industry, which moves more than 1.8 trillion dollars, must have a regulatory framework that protects users without hindering innovation. According to her, the crypto space is “absol
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