Senate's crypto reform bill aims to streamline regulatory framework for digital assets
Sen. Tim Scott, R-S.C., shakes hands after speaking to reporters in the spin room after a presidential debate between President Joe Biden and Republican presidential candidate former President Donald Trump in Atlanta, Thursday, June 27, 2024. (AP Photo/Pablo Martinez Monsivais)
(TNND) — The future of Cryptocurrency and digital assets will be on display Tuesday as two Republican Senators are laying out the plans for a new bill.
The architects are Senate Banking Chairman Tim Scott of South Carolina and Senator Cynthia Lummis of Wyoming, who heads the panel’s digital assets committee.
The bill will reportedly define when crypto is a commodity or a security. This will allow crypto exchanges to register with the Commodity Futures Trading Commission, essentially reducing the Securities and Exchange Commission’s regulation.
They are hoping to ride the wave of bipartisanship on crypto, just last week the Senate passed a bill on stablecoins.
Meanwhile a House of Representatives version was approved by two committees recently, the Financial Services Committee and the Agriculture Committee.
