On Tuesday, Senators Tim Scott and Cynthia Lummis introduced a new crypto regulation bill providing clarity on digital assets, classifying them as either securities, governed by the SEC, or commodities, overseen by the CFTC.
Support from Senators Thom Tillis and Bill Hagerty is notable. The proposal aims to prevent illegal activities like money laundering while initiating crucial discussions in Congress about regulating crypto.
With the recent bipartisan stablecoin bill, focus shifts towards comprehensive regulation of the digital asset market. A hearing by the Senate Banking Committee is scheduled to further assess the new bill.
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