US senators have begun work on the law on the regulation of crypto

A new bill will introduce the classification of digital assets as securities or commodities

25.03.2022 - 15:45

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What’s new? Senators Kirsten Gillibrand and Cynthia Lummis have begun working jointly on the bill that will clarify the mechanism for regulating cryptocurrencies within the United States. The senators stated that they plan to introduce a system to classify digital assets as securities or commodities. Other provisions will deal with cybersecurity, banking regulation, consumer protection, and stablecoins, POLITICO reports.

Information on the POLITICO website

What do the senators say? If Gillibrand and Lummis manage to agree on the details, the bill will be the first attempt to create a framework for regulating crypto markets and other digital assets in the United States.

“The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry — some parts will be regulated by the [Commodity Futures Trading Commission], some parts will be regulated under the [Securities and Exchange Commission],” Gillibrand said.

What had happened before? On March 9, the White House released a government-wide strategy for regulating the sphere of cryptocurrencies. The document outlines an approach to address the risks and potential benefits of digital assets and their underlying technologies.

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