Senators Introduce Bipartisan Bill To Regulate Cryptocurrencies

Video Credit: Wibbitz Top Stories
Published on June 7, 2022 - Duration: 01:31s

Senators Introduce Bipartisan Bill To Regulate Cryptocurrencies

Senators Introduce Bipartisan Bill , To Regulate Cryptocurrencies.

NBC News reports that on June 7, Sens.

Cynthia Lummis and Kirsten Gillibrand introduced the most comprehensive cryptocurrency legislation yet.

.

NBC News reports that on June 7, Sens.

Cynthia Lummis and Kirsten Gillibrand introduced the most comprehensive cryptocurrency legislation yet.

.

It is called the Responsible Financial Innovation Act.

The senators say their intention is to make Americans more comfortable with an evolving industry that remains confusing to many.

The senators say their intention is to make Americans more comfortable with an evolving industry that remains confusing to many.

One of the problems is that nothing is properly defined.

Our bill seeks to change that so more people become comfortable and can benefit from cryptocurrency, Sen.

Cynthia Lummis, via statement.

Under the proposed legislation, the Commodity Futures Trading Commission, which has butt heads with the Securities and Exchange Commission over the years.

Would be named as the regulatory agency to oversee all non-security fungible digital assets.

Tax implications and definitions for digital assets, virtual currencies, stablecoins and smart contracts would be laid out.

The bill is ambitious in its scope and shows that the senators have engaged with the crypto community to understand the pain points in the industry where regulation and innovation intersect, Agnes Gambill, a visiting senior research fellow at George Mason Universityโ€™s Mercatus Center specializing in decentralized finance, via NBC News.

The industry should be regulated to protect consumers from fraud.

However, at the same time we need to be careful not to stifle innovation, Agnes Gambill, a visiting senior research fellow at George Mason Universityโ€™s Mercatus Center specializing in decentralized finance, via NBC News.

A March NBC News poll found that 21 percent of American adults have traded or used cryptocurrencies


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