On Wednesday, US Senators Cynthia Lummis and Kirsten Gillibrand will unveil proposed legislation to decide once and for all how digital assets should be regulated.
. Are cryptocurrencies commodities, like gold and pork bellies? Or securities, like stocks and futures? The Securities and Exchange Commission, America’s top financial regulator, is so convinced that cryptocurrencies are the latter that it’s suing one of the world’s largest crypto exchanges, Coinbase, for breaking securities laws. The SEC has instigated an aggressive campaign of “
The confusion over what crypto is and who sets its rules has left the industry on edge. On Wednesday, senators Cynthia Lummis and Kirsten Gillibrand—a Wyoming Republican and New York Democrat, respectively—will unveil a new version of their proposed regulatory regime for the fintech industry, which hopes to settle the question., its centerpiece is a measure that would classify most cryptocurrencies as commodities, putting them under the purview of the CFTC.
The content of the legislation seeks to prevent a repeat of the apparent failings in the crypto industry, which led to a series of high-profile collapses in the industry over the past two years that haveAccording to a person with knowledge of the act, the legislation, if passed, would compel crypto exchanges to keep their customers’ assets in third-party trusts and stop them from so-called “proprietary trading”—essentially, trading with their own funds on their own exchange.
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