US Senators Disclose Details on Crypto Regulation Bill

US Senators Disclose Details on Crypto Regulation Bill

Senators Cynthia Lummis and Kirsten Gillibrand have said that the bill, which aims to provide clarity on the regulation of cryptocurrencies, will give the CFTC additional powers and contain the definitions of securities used by the SEC, Politico writes.

The development of the document, which includes taxation and consumer protection, started in December last year.

The initiative involves the creation of a supervisory agency responsible for regulating the market. Judgment will be added to his responsibilities as the industry develops. It has earlier been reported that the powers of the body will be distributed between the SEC and the CFTC.

Both senators have said they plan to create a system for classifying digital assets as securities, goods, or form a completely new one. In addition, it is planned to introduce rules for stablecoins issuers.