In this regard, Lummins considered that it is difficult to categorize these crypto assets, so it leaves the task of legally addressing the NFT to other interested organisms and legislators, this after their bill is approved.
Cynthia Lummins, the renowned US senator for the party Republican by the state of Wyoming, indicated earlier today that the crypto bill he is working on would be designed “to function within the traditional framework for managing and regulating traditional assets”, being a very good general panorama for the ecosystem, but it does not contemplate the NFT within your proposal.
Lummins’ statements came during an interview organized by the Axios team, where he offered some details about the bill he is working on with Democratic Senator Lristin Gillibrand, which is going to be divided into several components to be submitted to consideration in the respective responsible committees.
Regarding the bill, Lummins stressed that the supervision of cryptocurrencies will be divided between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), state agencies that have already had their disagreements on this matter. He clarified that it will be SEQ which intervenes when an asset meets the criteria of the Howey test to qualify as value, this according to the criteria adopted in 1946 to define this class of financial instruments.
Regarding the wide variety of altcoins present in the market, Lummins commented that the regulation must also pertinently address these assets, but that the most important thing is to know how to differentiate them in order to know how to approach them, thus allowing some of these to be used for programs where they would have space, such as retirement savings packages.
NFT outside the bill
An important aspect highlighted by Lummins is that the controversial digital collectibles, better known as NFT, they will not be addressed in this first bill that will be introduced soon.
In this regard, the senator clarified that “it is very difficult to figure out how to categorize them”, therefore, it will not be the responsibility of this first proposal to solve that problem. Therefore, the door will be left open for the regulators to decide if they wish to regulate them and/or how to deal with them, but this after their bill is approved.
Among other issues that the initiative promoted by Lummins will not address is precisely the environmental debate facing the main cryptocurrencies. But what if certain important points are touched on is the idea of central bank-backed cryptocurrencies. (CBDC), aspect that is considered a priority by the US administration.
It is important to regulate
Among other comments, Lummins highlighted that digital assets are “non-partisan” so the need to address them legally is integral. Therefore, the bill she is working on is complex, but she has been advancing little by little, adequately covering all the necessary aspects to guarantee an optimal approach to these issues.
Lummins’ efforts are not isolated, since in the framework of the work he had been carrying out, the executive order announced by President Biden emerged, which asked all state agencies to closely investigate crypto assets in order to think of appropriate ways to regulate them. . It is worth noting that the latter referred to the subject in a friendly manner, which generated positive feelings among enthusiasts and investors.
Already from a more state point of view, the efforts promoted by legislators in several localities to give some type of legal approach to said assets also stand out.
Angel Di Matteo version / DailyBitcoin
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