US Senators Working on Broad-Based Crypto Regulation – Regulation Bitcoin News

“The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry,” said one of the senators.U.S. Senators Kirsten Gillibrand and Cynthia Lummis are working together on “a broad-based regulatory framework” for how the crypto industry should be regulated, they explained Thursday at aThe work we’re doing is going to be a very complex and intensive review of the different aspects of this industry.

Senator Lummis was asked whether the CFTC will have a greater role under the new crypto framework. She replied: However, the pro-bitcoin senator from Wyoming clarified that since there are currently over 18,000 cryptocurrencies, not all of them are commodities. “So, we’ll still be using the old Howey Test from the 1940s which helps define what’s a security and what’s a commodity.”

In terms of when the bill is expected to be introduced and whether it has any chance of being passed this year, Senator Gillibrand said she and Senator Lummis will continue to work on the bill “over the next several weeks,” adding:

Buy as many bitcoins as possible. The task we'll be completing will be a detailed examination of the industry's various components.

The job we'll be performing will be a very detailed and in-depth examination of the various components of this sector.

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The Senators are working hard to making sure everything about cryptocurrency is properly addressed. When asked when the bill will be ready, Senator Lummis said it might be introduced next several weeks and maybe get vote by the end of the year. Let's hope everything goes well

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would the bitcoin community prefer crypto be treated as commodities or securities? and why?

Hope they will spend some time for that

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Crypto regulation has never been so exciting

We are all aware Crypto Regulation is just around the corner and we can't do much about it. StableCoin will be replaced with CBDC . You pay more tax for using something more centralized doxxing your entire portfolio to the public. Hopefully they can do something with ZK though

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What will be in this law in the end? But who cares? It is better than the state staying away from crypto.

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