Senator Cynthia Lummis, Wyoming’s Representative and a member of the Senate Banking Committee, is planning to introduce a bill that would change the legislative and regulatory landscape for digital assets. A report unveiled this news, noting that the bill Lummis seeks to introduce a new regulatory body to handle crypto affairs.
According to the report, the new regulatory body would be jointly operated by the US Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). On top of this, the bill intends to specify how different types of crypto assets are classified for regulatory purposes.
This classification would also help crypto taxation rules and formulate regulations for stablecoin providers. On top of this, the bill would include a section on consumer protections.
Senator Lummis, who is one of the only two sitting senators to hold Bitcoin (BTC/USD) in her portfolio, previously said,
I’m optimistic that we’ll eventually reach an agreement on a legal framework for digital assets that resolves many of the longstanding issues, including regulatory jurisdiction, market integrity, self-regulatory organizations and stablecoins.
SEC and CFTC continue fighting for control over the crypto market
This news comes as Congress, the crypto industry, and regulators agree that the crypto market needs regulation. While the above parties agree the crypto sector needs regulation, they are not decided on which agency should oversee the market.
According to SEC Chair Gary Gensler, the crypto market should come under the regulatory purview of the SEC. Explaining why he believes the SEC should regulate cryptocurrencies, Gensler said many assets listed in the crypto market are likely classifiable as securities, which are tradable financial instruments, such as stocks and bonds.
On the other hand, Rostin Behnam, CFTC’s chair, believes the watchdog should have more power over the crypto industry.
While crypto proponents and regulators continue pushing for crypto regulation, some people don’t believe the sector deserves much attention.
An example is Senator Sherrod Brown, who said,
Stablecoins and crypto markets aren’t actually an alternative to our banking system. They’re a mirror of the same broken system –with even less accountability, and no rules at all.
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