US Senator Cynthia Lummis has made a major move on Twitter to the applause of the crypto community. She announced her efforts to establish a framework for regulating digital assets so that individuals and companies could own and trade them within the United States. Lummis is working with Senator Kirsten Gillibrand to bring in comprehensive regulation for cryptocurrency, which is expected to gain traction in Capitol Hill in the coming months.
The proposed legislation is aimed at defining cryptocurrencies and removing the “security” tags attached to them. The bill is also expected to impose a universal ban on algorithmic stabilcoins, though more deliberations are needed to determine which entities are authorized to issue them and the requirements for maintaining USD reserves.
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