In the rapidly expanding world of digital assets, United States Senators Cynthia Lummis and Kirsten Gillibrand are working together to break down the regulatory walls that are keeping the U.S. from taking a full part in the crypto-age. They propose a legislative initiative to establish a framework for the digital asset industry. Senator Lummis, the ‘Crypto Queen’ of the U.S. Senate, prevented the inclusion of a 30% mining tax in the debt ceiling deal.
Senator’s Focus on Guidelines for Token Acquisition and Tokenization Framework
On Twitter, Lummis stressed that the battle to establish a transparent regulatory framework for the crypto industry is far from concluded and that she is now working on “a regulatory framework that will allow individuals and companies to own and trade digital assets in America.”
The proposed bill, which she is co-authoring with Senator Gillibrand, seeks to clarify cryptocurrencies and potentially remove the “security” designation. Furthermore, Lummis is working on a regulatory framework to facilitate digital asset trading in the US.
Senator Lummis seeks to provide precise guidelines for the token acquisition and establish a comprehensive framework for tokenization. This includes a universal ban on algorithmic stablecoins; however, further deliberations are necessary to determine the entities authorized to issue stablecoins and the requirements for maintaining U.S. dollar reserves.
Lummis’ Background in Finance and Support for Broader Crypto Adoption
This is not Senator Lummis’ first foray into the crypto world. With a finance background, Lummis stands out among politicians as a vocal proponent of broader cryptocurrency adoption. In addition, Lummis who holds up to $100,000 in Bitcoin, has introduced bills like the Responsible Financial Innovation Act. Lummis supports Bitcoin as a store of value and aims to offer digital currency access to individuals in unstable nations.
Senators Lummis and Gillibrand are striving to bring clarity and foster innovation in the US crypto space. The outcome of their legislative effort in Congress is uncertain, but the senators are determined to revolutionize the crypto industry.
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