{"id":19188,"date":"2023-06-11T12:19:47","date_gmt":"2023-06-11T12:19:47","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/us-senator-revamps-efforts-for-crypto-regulations-amid-sec-lawsuits\/"},"modified":"2023-06-11T12:19:49","modified_gmt":"2023-06-11T12:19:49","slug":"us-senator-revamps-efforts-for-crypto-regulations-amid-sec-lawsuits","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/us-senator-revamps-efforts-for-crypto-regulations-amid-sec-lawsuits\/","title":{"rendered":"US senator revamps efforts for crypto regulations amid SEC lawsuits"},"content":{"rendered":"

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United States Senator Cynthia Lummis has said her efforts to push for a positive crypto regulatory framework are still in motion, with the rapid evolution and increasing adoption of cryptocurrencies\u00a0adding to its urgency.<\/p>\n

Lummis received praise from Crypto Twitter as she shared<\/a> her commitment to developing a regulatory framework to facilitate digital asset ownership and trading within the United States. Her tweet serves as a reminder of the anticipated bill that was supposed to be released in April. <\/p>\n

In collaboration with Senator Kirsten Gillibrand, Lummis has been engaged in a bipartisan initiative to propose extensive regulations\u00a0for cryptocurrencies. The upcoming legislative effort is anticipated to make significant progress in Congress this year, providing a crucial framework for the rapidly evolving digital asset industry.<\/p>\n

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We successfully prevented @POTUS<\/a>‘ 30% digital asset mining tax from being included in the debt ceiling deal but the fight is far from over.<\/p>\n

I am working on a regulatory framework that will allow individuals and companies to own and trade digital assets in America.<\/p>\n

Stay tuned…<\/p>\n

\u2014 Senator Cynthia Lummis (@SenLummis) June 10, 2023<\/a><\/p><\/blockquote>\n

In her tweet, the lawmaker highlighted her party\u2019s success in preventing the inclusion of a 30% digital asset mining tax in the recent debt ceiling deal. Lummis emphasized that the battle to establish a transparent regulatory framework for the crypto industry is far from concluded.<\/p>\n

The proposed bill aims to achieve several objectives, including clearly defining cryptocurrencies and potentially removing the \u201csecurity\u201d 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.<\/p>\n

Related: <\/em><\/strong>The US will find the \u2018right outcome\u2019 for crypto, eventually \u2014 Coinbase CEO<\/em><\/strong><\/p>\n

Gillibrand has stressed the significance of a meticulous approach. The revised bill will provide explicit guidelines on the procedures necessary to acquire tokens, establishing a comprehensive framework that encompasses various aspects of tokenization.<\/p>\n

The proposed legislation will supposedly impose a universal ban on algorithmic stablecoins. However,\u00a0further deliberations are necessary to determine the entities authorized to issue stablecoins and the requirements for maintaining U.S. dollar reserves.<\/p>\n

Magazine: <\/em><\/strong>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n