PRO-CRYPTO US SENATORS UNVEIL AMENDED BILL CATEGORIZING DIGITAL ASSETS AS COMMODITIES

Two U.S. senators favorably disposed to crypto, Cynthia Lummis and Kirsten Gillibrand, are set to unveil proposed legislation to determine how crypto assets should be regulated.

 

The amended crypto bill by the two senators is expected to be submitted today.

 

The modified “Responsible Financial Innovation Act” aims to classify most digital assets as commodities, homogenous to gold.

 

This will categorize them under the Commodities Futures Trading Commission (CFTC), instead of the Securities and Exchange Commission.

 

The newly proposed legislation aims to protect investors and prevent the major collapses that crippled the industry in 2022.

 

If passed, the new bill will require crypto exchanges to store customer funds in third-party trusts.

 

It will also preclude internal trading by exchanges using their own funds or tokens.

 

Moreover, the CFTC will have the power to oversee exchange affiliates for potential misconducts.

 

The bill became imperative because in terms of crypto regulations, America is already behind the rest of the world.

 

This has precipitated mass exodus of talent, innovation, and capital from the country.