Bitcoin and cryptocurrency prices have trampled on water over the past month after a huge cryptocurrency crash (although some high-level industry insiders are now warning that the “cryptocurrency winter” has returned).
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The Bitcoin price, which has fallen more than 50% from all-time highs, stands at around $ 30,000 per bitcoin, while smaller cryptocurrencies ethereum, BNB, solana, cardano, XRP, tron and avalanche perform even worse due to fears for some projects will not do so. that. fetch.
Now, bitcoin-supporting senator Cynthia Lummis (R-WY) has said she is finally ready to reveal details of a long-awaited cryptocurrency bill – a proposal she says will “incorporate fully digital assets into [the] financial system. “
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“We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system,” Lummis said. job to Twitter. “Excited to finally unveil this effort next week.”
The bill, which has been in the works for several months, is expected to define whether different cryptocurrencies are either securities or commodities and which agency will oversee them, either the Securities and Exchange Commission (SEC) or the Commodity Future Trading Commission. (CFTC).
Last month, Blocks reported that some members of the crypto community have expressed concern that the bill could label many cryptocurrencies, potentially including Ethereum, BNB, solana, cardano, XRP, tron and avalanche, as securities.
Lummis spoke at a Heritage Foundation event last week, explaining what the bill will cover.
“It’s a very comprehensive bill, it will be tabled on June 7,” Lummis said. “This includes coins that are commodities, coins that are securities, this includes stack coins, this includes a discussion of CBDCs [central bank digital currencies]in line with what we heard earlier and a little nod to NFTs [non-fungbile tokens].
Stablecoins, designed to be linked individually to traditional currencies, CBDCs and NFTs, have all risen to the forefront of the regulatory agenda in recent months. The complete collapse of stablecoin terraUSD and its supporting currency luna in May sent shockwaves through the bitcoin and crypto markets, creating fears that other areas of the crypto ecosystem could falter as well.
“[The bitcoin and crypto bill] is going to be bipartite, it has broad support from people in both parties, ”said Lummis, who has previously said that the bill will first be released in draft before it goes to Congress. “It’s been widely endorsed by bureaucrats and regulators. As well as the innovative community. So we think we’re on the right track, we think we’ve found the sweet spot.”
Performed alongside Lummis at the Heritage Foundation, leading bitcoin investor Michael Saylor and Republican Texas Senator Ted Cruz, who bought bitcoin and said at the event that he would make Texas an “oasis on planet earth for bitcoin and crypto.”
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“Michael Saylor was one of our first to look at it because his expertise is long lasting and we want to make sure we have plenty of information before we drop it,” Lummis said.
“Further regulatory clarity … will benefit bitcoin and accelerate institutional adoption of this asset,” Saylor said. CNBC In february.
Elsewhere, reports emerged this week that the Biden administration is working on a set of policy recommendations targeting bitcoins and cryptocurrencies’ exorbitant energy consumption and CO2 footprints.
The report could be one of the first to follow President Joe Biden’s March decree, which required federal agencies to curb the fast-growing crypto market and industry and publish reports that could guide policy decisions.