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Federal Reserve Governor Christopher Waller has stated that crypto regulation is to protect everyone.
US Senator Cynthia Lummis has teased the likelihood of unveiling the highly anticipated crypto bill this week. She stated that the proposal aims to fully integrate digital assets into the nation’s financial system. The bill is expected to be released by June 7.
Back in March, President Joe Biden signed an executive order on crypto. Also, he mandated the treasury to begin looking at the best way to regulate cryptocurrencies. At the same time, Ms. Lummis, who is a vocal cryptocurrency advocate in Congress, announced the progress of her bill.
This came days after her office released a 70-page draft of the bill. At the time, she stated that there were widespread consultations with key advocates and partners in the Senate to finalize the bill. She also suggested the bill would be ready for release by June 7. The bill which has been shrouded in secrecy from the start has left many frustrated. The scant details available to the public are from interviews held by Ms. Lummis and from the initial draft.
What to Expect in the Crypto Bill?
If signed into law, the bill will detail what activities will fall under the SEC and those under the Commodity Futures Trading Commission (CFTC). Also, it will include definitions of coins that are commodities and those that are securities, stablecoins, CBDC framework, and NFT direction.
Further, the bill will also address digital asset tax policy and stablecoin regulation. Consequently, the market is rife with expectations as the bill can either crash the market or send it back up. Many are concerned that the bill may favor just Bitcoin while affecting other altcoins. Whatever the case, the market is readying itself for the impact of the bill
Crypto Regulation Is for the Masses
Meanwhile, Federal Reserve Governor Christopher Waller has stated that crypto regulation is to protect everyone. “The main issue in crypto-asset regulation isn’t how to protect sophisticated crypto-investors; it’s how to protect the rest of us,” he said.
Citing the recent collapses in the crypto world, Waller said the need for effective guardrails is the only way to make the crypto industry safer.