Proposed bipartisan US crypto bill could be ‘sigh of relief’ for the industry – TechCrunch
— Nascent industry, Comprehensive, — seemingly want clear guidelines, Dollar elephant, Crypto practice, Digital asset space, Industry, Exchange commission, Thought, Traditional finance — 1 min read
Proposed bipartisan US crypto bill could be ‘sigh of relief’ for the industry. Senators Cynthia Lummis, Republican of Wyoming, and Kirsten Gillibrand, Democrat of New York, have proposed the bill. The bill would grant the U.S. Commodity Futures Trading Commission exclusive spot market jurisdiction over cryptocurrencies defined as commodities. Marking the SEC and CFTC as the main watchdogs over the digital asset industry. Defining guidelines for differentiating cryptocurrencies as commodities or securities (most would fall under the commodity category) Backing stablecoins with a 1:1 monetary currency, moving toward “100% reserve, asset type and detailed disclosure requirements for all payment stablecoin issuers’” Source