Can Nations Agree on Crypto Regulation?
— Record, Enter, Partial ban, El salvador declared bitcoin, Crypto market, Spectrum —, Particular regulator, Large institution, Making bitcoin legal tender, Hold — 1 min read
US Sens. Lummis and Gillibrand have introduced a bill that would provide much of the needed regulatory clarity that investors have been hoping for. The Responsible Financial Innovation Act would define many crypto-related terms such as smart contract, digital asset, and virtual currency. Under the current proposal, bitcoin and ether would likely be labeled as commodities, while most altcoins would be considered securities. The CFTC will likely gain regulatory authority over the majority of crypto’s market capitalization if the bill passes. The CEO of LMAX Digital, the leading institutional crypto currency exchange, said the bill is a positive step forward for the entire crypto community. LMAX Group is decidedly agnostic on the CFTC vs. SEC debate and said it is good news that 'non-island' regulators are considering their approach to regulating this Source