US legislators plan to follow cryptocurrency regulation of Europe

A group of Republican senators presented a series of principles on Tuesday, with the aim of establishing a regulatory framework for cryptoactive in the United States, preventing the country from lagging in front of Europe and other regions. The initiative is headed by Cynthia Lummis (Wyoming), Thom Tillis (North Carolina), Bill Hagerty (Tennessee) and the president of the Senate Banking Committee, Tim Scott (South Carolina).

The proposal was announced a few hours before an audience of the Senate Digital Assets Subcommittee, entitled “Exploring a Bipartisan Legislative Framework for the structure of the cryptocurrency market.” During the session, experts in the sector and representatives of companies in the field urged Congress to advance with legislation that grant legal certainty to the industry.

In a publication, Senator Cynthia Lummis expressed her enthusiasm to collaborate with her republican colleagues in the development of a clear and innovative regulation for cryptoactive. “The United States urgently needs legislation on digital currencies that promotes responsible innovation and protects consumers,” he said.

He also questioned the lack of legislative advances in the country in contrast to jurisdictions such as the European Union and Singapore that have already adopted defined regulatory frameworks. This occurs, however, while European officials press to optimize their regulation in the sector to legislative advances in the United States, such as the Genius bill.

For its part, Senator Bill Hagerty stressed that this new initiative arises after the recent approval in the Senate of the Genius Lawa proposal focused on regulating the stablecoins. “Now we will work on the market structure with our Republican colleagues,” he said.

During the audience, The panelists agreed that many of the future regulations will directly or indirectly affect Bitcoin (BTC) and other digital assets. Among the participants were representatives of companies such as Coinbase and Multicoin Capital, as well as academics from the University of Pennsylvania and the University of Georgetown.

With this advance, legislators intend to establish the basis for distinguish which assets should be classified as values ​​(Securities) and which as goods (Commodities)a key differentiation that currently generates legal uncertainty for both companies and investors.

«While the European and Singapore Union have established clear regulations, the United States continues to the margin as the digital asset industry looks for more green pastures. That changes today. I am associated with the president of the Senate Banking Committee, Scott, to provide principles for the legislation on the market structure in order to finally draw the line between a security and a commodity, and ensure that the US remains at the head of the global financial progress.

Senator Cynthia Lummis on the legislation on the structure of the market.

They look for new cryptocurrency regulation after Genius advance

The initiative of these senators coincides with the recent approval in the Senate of the Genius Law. As Cryptonoticias reported, this project seeks Establish a clear framework for the broadcast of Stablecoinsdemanding that they are completely backed by dollars or other liquid assets and subject to periodic audits.

With 68 votes in favor and 30 against, the proposal obtained a bipartisan support in the Senate last week, thus advancing to the House of Representatives, where it will be debated and voted again. If approved without changes, the project will be sent to President Donald Trump for promulgation.

If it is not approved as is, the project could be modified and subject to a legislative conciliation process. Its drivers ensure that the law will strengthen the role of the dollar in the digital financial ecosystem and modernize the payment system by integrating the stablecoins into the formal financial system.