On July 12, an amended crypto bill by Senators Cynthia Lummis and Kirsten Gillibrand will be submitted.
The revamped “Responsible Financial Innovation Act” aims to classify most crypto assets as commodities, similar to gold.
This would bring them under the umbrella of the Commodities Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission, which is “stifling innovation in financial technologies,” according to the Senators.
Crypto Bill Redux
The SEC wants to apply 90-year-old legislation to regulate and treat crypto companies the same as banks and stock exchanges.
“The domestic industries really are trying to comply, for the most part, and they’re just getting the cold shoulder,” said Lummis who added, “That’s not how we regulate in this country,” according to Wired.
The newly proposed legislation aims to protect investors and prevent the major collapses that crippled the industry in 2022. However, it does not advocate enforcement action,
We współpracy z: https://cryptopotato.com/senators-lummis-and-gillibrand-to-unveil-updated-bill-classifying-crypto-assets-as-commodities/
