• U.S Senator Cynthia Lummis is pushing for a regulatory framework for crypto in the United States.
• Senator Kirsten Gillibrand is collaborating with Lummis to implement extensive regulations for cryptocurrency.
• Binance has been labeled an “illegal” exchange by the Securities and Exchange Commission of Nigeria, prompting it to cease operations in the country.
U.S Senator Cynthia Lummis Promotes Regulatory Framework for Crypto
U.S Senator Cynthia Lummis is working towards creating a legislative framework that allows people and businesses to own and trade digital assets inside the United States, with the help of Senator Kirsten Gillibrand’s bipartisan push. The goal of this effort is to define cryptocurrencies and perhaps eliminate their “security” label, as well as prohibit algorithmic stablecoins from being used globally.
Senator Gillibrand Promises More Specificity in Updated Bill Definition
At a symposium on digital assets, Senator Gillibrand 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 around cryptocurrencies.
Opposition Successfully Blocks Tax on Digital Asset Mining
Senator Lummis said that opposition was successful in blocking a 30% tax on digital asset mining from being included in the latest debt limit accord, but noted that there is still much work to be done when it comes to forming a clear regulatory framework for crypto industry industries moving forward..
Binance Labeled „Illegal“ Exchange by SEC Nigeria
Recently, Binance was labeled an “illegal” exchange by the Securities and Exchange Commission of Nigeria, prompting it to cease operations in the country after they were sued by US Securities and Exchange Commission (SEC).
There is still much discussion needed when it comes to implementing effective regulation surrounding cryptocurrency markets worldwide; however, many politicians are doing their best to create legislation that would protect users while allowing them access to these revolutionary forms of finance.