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US senator renews push for crypto regulations amid SEC lawsuit




US Senator Cynthia Lummis has said that her efforts to push for a positive cryptoregulatory framework are still in motion, with the rapid development and growing use of cryptocurrencies adding to the urgency.

Lummis received praise from Crypto Twitter when she shared her commitment to developing a regulatory framework to facilitate the ownership and trade of digital assets in the United States. Her tweet serves as a reminder of the anticipated bill that was supposed to be released in April.

Working with Senator Kirsten Gillibrand, Lummis has been involved in a bipartisan initiative to propose comprehensive regulations for cryptocurrencies. The upcoming legislative effort is expected to make significant progress in Congress this year, providing a crucial framework for the rapidly evolving digital asset industry.

In her tweet, the lawmaker highlighted her party’s success in preventing the inclusion of a 30% tax on digital assets in the recent debt ceiling deal. Lummis emphasized that the battle to establish a transparent regulatory framework for the crypto industry is far from over.

The proposed bill aims to achieve several goals, including clearly defining cryptocurrencies and potentially removing the “security” designation. By establishing a precise classification for tokens, the legislation seeks to create a stable framework for businesses and investors in the crypto industry. The effort will address regulatory uncertainties, stimulate innovation and promote responsible growth within the sector.

Related: The US will find the “right result” for crypto, finally – Coinbase CEO

Gillibrand has emphasized the importance of a thorough approach. The revised bill will provide explicit guidelines for the procedures necessary to obtain tokens, and establish a comprehensive framework that encompasses various aspects of tokenization.

The proposed legislation would reportedly impose a universal ban on algorithmic stablecoins. However, further considerations are needed to determine which entities are authorized to issue stablecoins and the requirements to maintain US dollar reserves.

Blade: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Last Word?





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