Crypto Regulation Efforts Intensify in U.S. Congress

US Senator Cynthia Lummis is working on a regulatory framework that would enable individuals and companies to own and trade digital assets within the United States. Working alongside Senator Kirsten Gillibrand, Lummis has been working on a revamped bipartisan effort to introduce comprehensive regulations for cryptocurrencies. The forthcoming bill primarily seeks to define cryptocurrencies while potentially removing the “security” tag associated with them. Additionally, the proposed legislation will supposedly impose a universal ban on algorithmic stablecoins although further deliberations are necessary to determine the entities authorized to issue stablecoins and the requirements associated for maintaining their USD reserves.