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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2022\/06\/08\/proposed-bipartisan-us-crypto-bill-could-be-sigh-of-relief-for-the-industry\/<\/a><\/br> All around the<\/span> world, regulators are trying to address the trillion-dollar elephant in the room: the digital assets market. Because crypto is a nascent industry that currently exists largely outside of legal frameworks, it\u2019s still in murky waters, and those in the industry \u2014 and outside of it \u2014 seemingly want clear guidelines and clarity to move forward.<\/p>\n A proposed crypto bill, sponsored<\/a> by U.S. Senators Cynthia Lummis, Republican of Wyoming, and Kirsten Gillibrand, Democrat of New York, aims to install guide rails around the digital asset space. The 69-page, bipartisan bill<\/a> is comprehensive and addresses many corners of the crypto markets.<\/p>\n Some of the most notable aspects in the proposal include:<\/p>\n \n\t\t\t\u201cThis bill tries to do everything, which may be its biggest impediment.\u201d\t\t\t\t\t\t\tChristopher LaVigne, co-chair of crypto practice, Withers<\/cite>\n\t\t\t\t\t<\/p><\/blockquote><\/div>\n \u201cThe bill matters as it is a step in the right direction for legislation and definition of \u2018crypto,\u2019 what a \u2018crypto asset\u2019 is and what regulation will look like,\u201d Nick Donarski<\/a>, the founder and CTO of ORE System<\/a>, told TechCrunch.<\/p>\n \u201cBut at the same time, the bill, like other crypto-related bills, would be more likely to be split up to garner enough support to get it passed.\u201d<\/p>\n \u201cThere\u2019s a lot of color here and it\u2019s quite exciting,\u201d Ken Goodwin<\/a>, director of regulatory and institutional affairs at Blockchain Intelligence Group<\/a>, told TechCrunch. By granting the CFTC oversight of most digital assets, it\u2019s setting a precedent and giving the agency more validation, he said.<\/p>\n Goodwin worked on Wall Street for over 20 years and has spent the last eight years in the blockchain space. Even with his background in both traditional finance and crypto, he said he\u2019s surprised by the positioning of the CFTC in the proposed bill.<\/p>\n \u201cI would never suspect [CFTC] actually being on the forefront of this; I thought the SEC would be the regulator for this,\u201d Goodwin said. \u201cEven if this bill doesn\u2019t pass, people will look to the CFTC to provide guidance.\u201d<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nProposed bipartisan US crypto bill could be \u2018sigh of relief\u2019 for the industry<\/br>
\n2023-01-20 22:38:45<\/br><\/p>\n\n
Giving power to the CFTC<\/h2>\n