Bill To Classify Crypto Assets As Commodities Coming Soon: US Senators
The Securities and Exchange Commission (SEC) , which the Senators claim is “stifling innovation in financial technologies,” would no longer have jurisdiction over them as a result of this move; instead, the Commodities Futures Trading Commission (CFTC) would. advertisement The Lummis-Gillibrand bill, a contentious bill sponsored by both parties, aims to close the regulatory gap that underlies the U.S. cryptocurrency market. The Importance Of The Bill Concerning digital assets, the Lummis-Gillibrand Act seeks to “provide for responsible financial innovation” while remaining “within the regulatory perimeter.” In sharp contrast to the SEC’s continuing enforcement proceedings, it classifies the majority of cryptocurrencies as commodities under the CFTC’s jurisdiction. The measure claims to be an effort to stop more unrest in the cryptocurrency industry, which has had several high-profile collapses that have resulted i...