US Senator Vows to Bring Crypto Regulation

Crypto news: In a significant move that was applauded by the broader crypto community on Twitter, US Senator Cynthia Loomis took to social media to announce her ongoing efforts to create a regulatory framework that would enable individuals and companies to own and trade digital assets within the United States.

Lummis aims to regulate cryptocurrency in the United States

Working alongside Sen. Kirsten Gillibrand, Lummis has been working on a renewed, bipartisan effort to introduce comprehensive cryptocurrency regulations. This legislative endeavor is expected to gain momentum on Capitol Hill later this year, paving the way for a much-needed framework in the rapidly evolving digital asset space.

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While highlighting the fact that the opposition successfully thwarted the inclusion of a 30% digital asset mining tax in the recent debt ceiling deal, Loomis emphasized that the struggle to create a clear regulatory landscape for the crypto sector is far from over.

The cryptocurrency bill is expected to address token definitions

Earlier, during a seminar on digital assets, Senator Gillibrand stated that the revised version of the bill would be more detailed, particularly in terms of defining tokens and the processes required to obtain them. As the senators have stated several times, this move is intended to provide clarity and address the ambiguity that exists in the cryptocurrency landscape.

According to recent reports, the upcoming bill primarily seeks to define cryptocurrencies with the possible removal of the “security” label attached to them. In addition, the proposed legislation would presumably place a global ban on algorithmic stablecoins although further deliberation is needed to determine which entities are authorized to issue stablecoins and the requirements associated with maintaining their USD reserves.

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