Lummis and Gillibrand Introduce Bill Regulating Stablecoins[embed]https://www.youtube.com/watch?v=csY5vP_G228[/embed]

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    <h3 class="m-size-18"><span style="display: initial;" class="m-font-size-18" m-font-size-set="true">New Legislation on Cryptocurrencies: Senators Advocate for Strict Regulations on Stablecoins</span></h3> 
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    <p><span style="display: initial;">A recently reintroduced cryptocurrency oversight bill by Senators Cynthia Lummis and Kirsten Gillibrand is capturing attention in the U.S. Senate. This proposed bill suggests that crypto exchanges should be monitored by the Commodity Futures Trading Commission (CFTC) instead of the U.S. Securities and Exchange Commission (SEC). Furthermore, it mandates that all stablecoin issuers operate as regulated depository institutions. This legislation aims to lay down U.S. regulatory frameworks for the cryptocurrency sector and clarifies the oversight responsibilities between the SEC and CFTC.</span></p>
    <p><span style="display: initial;">The bill seeks to differentiate between securities regulations and other regulatory frameworks. It asserts that assets lacking a financial interest in a business should not be classified as securities, even if they derive value from management and entrepreneurial efforts. Cryptocurrency issuers will be required to provide biannual disclosures to the SEC, yet as long as the tokens do not represent equity or debt, they will be exempt from SEC oversight.</span></p>
    <p><span style="display: initial;">Additionally, the legislation highlights the necessity of establishing a distinct entity called the "consumer protection and market integrity authority," which would be responsible for setting industry standards and enforcing penalties for infractions. It requires that customer assets be completely segregated and introduces new risk management practices for crypto lending. Only regulated banks or credit unions would be permitted to issue stablecoins like Tether's USDT and Circle Internet Financial's USDC.</span></p>
    <p><span style="display: initial;">Lummis and Gillibrand are advocating for a definition of decentralized finance (DeFi) that delineates clear criteria for when a software project transitions into a more centralized entity and must register as an exchange. This bill seeks to find common ground between both parties and incorporates elements from other legislative proposals.</span></p>
    <p><span style="display: initial;">Although this legislation marks a notable progression, it will still undergo reviews by Senate committees, and gaining bipartisan support will be critical. Under the leadership of Chair Gary Gensler, the SEC has been vigorously enforcing existing securities laws against major crypto firms. The future of the bill is currently uncertain, as its progression could be affected by the polarized political climate and the approaching presidential election.</span></p>
    <p><span style="display: initial;">The Lummis-Gillibrand proposal also encompasses tax-related measures and incentives for cryptocurrency investors. It aims to generate $1.4 billion over five years by implementing wash-sale tax restrictions on cryptocurrency transactions, preventing taxpayers from making gains off hastily repurchased losses. Conversely, it provides tax exemptions for cryptocurrency payments for purchases under $200, potentially easing the use of cryptocurrencies in everyday transactions.</span></p>
    <p><span style="display: initial;">While this bill signals a crucial advancement in the Senate, eyes are also directed toward the House for any movements concerning stablecoin and market structure legislation. The outcome of this bill will be closely monitored as the cryptocurrency sector seeks regulatory clarity and equitable treatment.</span></p>
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