New Crypto Bill To Be Passed in Early 2024

It seems that there are being made some pretty interesting moves in the crypto space. Check out the latest ones below.

Senator Cynthia Lummis, an advocate of Bitcoin (BTC), is urging for the passing of a crypto regulation bill in the US by early next year.

In a recent interview with Yahoo Finance, Lummis expressed her concerns over the overreach of the U.S. Securities and Exchange Commission (SEC) into the crypto industry, and emphasized the need for a clear regulatory framework. Lummis hopes to introduce a crypto regulation bill by early 2024.

“I think the SEC is overreaching… We’re crying out for a clear regulatory framework here.”

Senator Lummis is planning to gather support from her colleagues in the Senate for a crypto bill. She is working with Senator Kirsten Gillibrand, a New York Democrat, on drafting a comprehensive legislation to regulate digital assets.

The proposed regulation aims to prevent crypto from being used for terrorist financing, which has been a topic of concern since the increase in conflict in Israel. Senator Lummis believes that clear regulation will help address these concerns.

“It is something that is so clearly needed as illustrated by the concerns that Hamas is using cryptocurrency to help finance its savage treatment of Israeli civilians and military personnel. It would help.”

Lummis supports the ongoing efforts in the House Financial Service Committee, led by Committee Chair Patrick McHenry. She stated that she would be satisfied with either set of regulations passing.

According to the senator, she and Sen. Gillibrand have noted the minor differences between the House and Senate versions of the bill, specifically related to stablecoins, and believe they are resolvable.

They are optimistic that a resolution on stablecoins can be reached now that the House has a new speaker and is once again open for business.