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August 15, 2022
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Lawmakers in the US want to strengthen the cryptocurrency market –

US legislators in Congress have just proposed a new cryptocurrency law. Their intention is to simplify the current regulation of this market. As they claim, their goal is “Elimination of barriers to innovation” and identifying what characteristics determine whether a digital asset is a security.

Lawmakers want cryptocurrency reform

Congressmen from both the Democratic and Republican Parties – Patrick McHenry, Stephen Lynch, Glenn Thompson, Ted Budd, and Warren Davidson – brought “The Act on the Elimination of Barriers to Innovation”.

The purpose of the regulations, they say, is to establish the jurisdiction of the US Securities and Exchange Commission (SEC) and the Futures Trading Commission (CFTC) for cryptocurrencies. The SEC would oversee assets classified as securities, while the CFTC would be responsible for the rest of these digital assets.

The act would also establish a working group to evaluate the legal framework governing digital assets in the US. This will be formed within 90 days of the bill being approved. It will include industry experts from the SEC and CFTC, as well as representatives of non-governmental organizations and companies related to financial services and financial technologies.

The group, if established, will review current cryptocurrency laws and provide a report within a year on how current regulatory measures are affecting US markets and competitive position. Recommendations for improvement will also be added to the document “Integrity and efficiency of digital primary and secondary markets”.

USA and cryptocurrencies

The attitude of the US authorities towards cryptocurrencies is not as uniform as it is, for example, in the case of China, which is not favorable to independent digital currencies. It has to do with creating digital yuan there.

A new regulation proposal in the US comes at a time, at a time when many politicians are calling on the authorities to create clearer cryptocurrency laws. SEC Commissioner Hester Peirce has long been calling for it. Recently, it reiterated that the commission should approach a new market as it does any other market. We wrote more about it here.

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