The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
Friday, September 22, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
ADVERTISEMENT
Home News Story

Regulation of digital currencies by US senators

by Ashutosh Thakur
October 21, 2022
in News Story
124
0
Regulation of digital currencies by US senators
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

RelatedPosts

MNBC : l’Australie veut plus qu’une simple monnaie numérique

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

Senators Lummis and Gillibrand have proposed legislation in the context of the regulation of virtual currencies in the United States. In their statement, these two American senators, Cynthia Lummis and Kirsten Gillibrand affirmed that at least part of their bill could be adopted in the next six months.

Cryptocurrencies soon to be regulated in the USA

Kirsten Gillibrand and Cynthia Lummis are both US senators. Recently, these two political figures said that part of their proposed cryptocurrency regulation bill could enjoy approval by President Joe Biden and passage within the next six months by the legislature.

The part of their bill that would pass could give the Commodities Futures Trading Commission (CFTC) control over digital commodities like Bitcoin or the Ada cryptocurrency from the Cardano blockchainetc.

This bill entitled “Responsible Financial Innovation Act” is bipartisan. Indeed, it is the result of a collaboration between a Republican senator from Wyoming, Cynthia Lummis, and a Democratic senator from New York, Kirsten Gillibrand. In its consistency, this bill is the most comprehensive for cryptos to date.

Thus, the purpose of this legislation is to regulate the cryptocurrency market in a general framework. The other purpose of this bill is to effect the transfer of authority from the SEC to the CFTC.

Why the CFTC? Because she currently oversees commodity trading. Also, the CFTC already labels 34 crypto and Forex trading platforms as unregistered foreign entities.

The purpose of this political maneuver is to codify as well as decide whether digital assets are securities. It should also be added that stablecoins like the USDC are at the center of this bill.

Concretely, this bill requires all stablecoin issuers to guarantee the funds. Which would allow users to trade them at any time at a ratio of 1:1 with the US dollar.

Lummis and Gillibrand: A Bipartisan Coalition to Codify the Cryptocurrency Market

Lummis and Gillibrand introduced a bill that addresses the regulation of the digital asset industry. This bill is intended to be innovative in the field of crypto-currencies but also NFTs.

Indeed, despite the fact that as it stands, the bill has not been endorsed by President Joe Biden, it has already received endorsements from several other prominent political figures. This allows us to glimpse, moreover, a clearer and more serene future for effective legislation concerning crypto-assets.

Moreover, according to the two senators who proposed it, the bill will receive the majority of votes. This is because it includes concrete and realistic proposals on flexibility, transparency and consumer protection.

In summary, this bill will bring more clarity to the cryptocurrency market. A market that is growing and whose sudden collapse can create enormous economic damage to a great nation like the United States of America or to a political-economic organization like the European Union.

Read also : Metaverse Decentraland valued at $1.2 billion doesn’t draw crowds

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

MNBC : l’Australie veut plus qu’une simple monnaie numérique
News Story

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
1.9k
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm
News Story

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
1.9k
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?
News Story

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
1.9k
Cryptocurrency News – Week of July 23, 2023
News Story

Cryptocurrency News – Week of July 23, 2023

July 24, 2023
1.9k
USDC at half price and maximum profit: it broke the bank of this casino
News Story

USDC at half price and maximum profit: it broke the bank of this casino

July 21, 2023
1.9k
BlockFi ZAC Prince is accused of negligence over FTX
News Story

BlockFi ZAC Prince is accused of negligence over FTX

July 20, 2023
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Important Update On The Celsius Network

Important Update On The Celsius Network

June 14, 2022
TCS-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums and Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
OneCoin: the $4 billion Ponzi back in court

OneCoin: the $4 billion Ponzi back in court

0
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
Binance Launches Training Program for Government Agencies

Binance Launches Training Program for Government Agencies

0
NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

0
MNBC : l’Australie veut plus qu’une simple monnaie numérique

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
Cryptocurrency News – Week of July 23, 2023

Cryptocurrency News – Week of July 23, 2023

July 24, 2023
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version