© Reuters
Investing.com – Senators Cynthia Lummis and Kirsten Gillibrand are set to introduce a cryptocurrency regulation bill to the US Senate. This would be a groundbreaking bill aimed at fully integrating digital assets into the US financial system.
The bill would be designed to clarify cryptocurrency regulations while providing the most reliable and acceptable classification of digital assets available in the world.
Senator Kirsten Gillibrand, a New York Democrat who joined the project earlier in March, co-authored the bill. This collaboration is seen by many in the crypto industry as a non-partisan move towards crypto regulation.
A bill to improve regulation
The bill suggests the creation of a self-regulatory institution that would be in charge of cryptocurrencies and other digital assets. Lawmakers are also hinting at exempting bitcoin miners from the laws guiding financial brokerage firms.
The project also aims to make the Commodity Futures Trading Commission (CFTC) the regulator of the cryptocurrency market. However, this project could create a conflict between the CFTC and the SEC. The latter, under the leadership of Gary Gensler, has been actively involved in policing the crypto space.
The new bill comes amid growing interest from regulators in regulating the cryptocurrency industry. The White House recently launched a study of the crypto space, and other regulators around the world are also calling for regulatory changes.