U.S Senator Cynthia Lummis Pushes for Regulatory Framework for Crypto

• Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan move.
• Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens.

Senator Cynthia Lummis of the United States made headlines when she turned to Twitter to promote her efforts to create a legislative framework. That would allow people and businesses to own and trade digital assets inside the United States.

Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan push to implement extensive regulations for cryptocurrency. The momentum for this legislative effort to create a regulatory framework for the digital asset market is likely to grow on Capitol Hill later this year.

Eliminating Regulatory Gray Areas

Moreover, Lummis said that the opposition was successful in blocking a 30% tax on digital asset mining from being included in the latest debt limit accord. But underlined that the battle for a clear regulatory framework for the crypto industry is far from done.

At a symposium on digital assets. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens and the procedures for acquiring them. Senators have often claimed that their action is motivated by a desire to clarify and eliminate regulatory gray areas. In this case, around cryptocurrencies.

Recent sources suggest that the primary goal of the next measure is to define cryptocurrencies. With the added benefit of perhaps eliminating the “security” label.

Further, the proposed law is said to enforce a global prohibition on algorithmic stablecoins. However further discussion is needed to establish the businesses permitted to create stablecoins. And the restrictions involved with maintaining their USD reserves.

On the other hand, the Nigerian Securities and Exchange Commission said on Saturday that Binance, the largest cryptocurrency exchange in the world, was “illegal” to operate in Nigeria. Trouble for Binance has arisen since the US Securities and Exchange Commission (SEC) filed a lawsuit against it and numerous related entities.

Binance has been labeled an “illegal” exchange by the Securities and Exchange Commission of Nigeria. It has issued an order for Binance to cease operations in the country.