Cynthia Lummis Releases Draft Bill That Aims To Make US Global Crypto Capital, Says She Won't 'Allow' Regulatory Confusion To Continue
Republican Senators released a discussion draft for the cryptocurrency market structure legislation on Tuesday, building on the recent passage of the CLARITY Act in the House of Representatives.
What Happened: Cynthia Lummis (R-Wyo.), along with Sen. Tim Scott (R-S.C.), Sen. Bill Hagerty (R-Tenn.) and Sen. Bernie Moreno (R-Ohio) announced the release of a discussion draft for market structure legislation aimed at making the U.S. “the crypto capital of the world.”
As part of this initiative, the lawmakers have also issued a Request for Information, inviting stakeholders to provide feedback on the draft and relevant questions.
“We cannot allow regulatory confusion to continue driving American innovation overseas,” Lummis said. “This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections.
The discussion draft defines an "ancillary asset" to clarify which digital assets are not securities, establishes disclosure requirements and directs the SEC to issue new rules governing their offers and transactions.
See Also: Solana Nears $200 After Landmark Crypto Bill: What’s Going On?
Why It Matters: The CLARITY Act, passed by the House last week, is a legislative framework aimed at ending regulatory ambiguity in the cryptocurrency industry. The landmark bill splits authority between the SEC and the CFTC, offering clarity on the classification of digital assets and the treatment of decentralized protocols.
Apart from the CLARITY Act, the GENIUS Act, also known as the stablecoin bill, passed the House, after which President Donald Trump signed it into law. The bill establishes a regulatory framework for issuers of dollar-pegged stablecoins such as Tether (CRYPTO: USDT) and USDC (CRYPTO: USDC).
Concerns over Trump-backed ventures and a potential conflict of interest have heightened scrutiny of the bills, with senior Democrat Sen. Elizabeth Warren (D-Mass.) among the most vocal opponents.
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Posted-In: Cryptocurrency
