Regulatory Clarity For Crypto To Hit Washington

Regulation in crypto is extremely useful because it can trigger a boost in the mass adoption of digital assets. Check out the latest reports about the regulation of crypto in Washington.

Two US Senators are about to introduce a new bill to Congress that is aimed at creating a comprehensive regulatory framework for the crypto industry.

According to a recent report by Politico, Republican Senator Cynthia Lummis of Wyoming and Democrat Senator Kirsten Gillibrand of New York are prepared to unveil the highly-anticipated bipartisan bill on June 7th.

It’s also important to note the fact that the coming iteration of the bill may change or be rejected,.

More than that, as per the online publication the Daily Hodl, there are some prominent figures in the industry who are already speculating on how it could affect the crypto space.

Crypto attorney Lewis Cohen told Politico that balancing the needs and wants of crypto executives with those of lawmakers is almost impossible to achieve.

He said that it would be “legally wrong” of the SEC to treat all tokens as securities.

Cohen stated the following:

“Reflexively treating all tokens as securities, I really do believe it’s both wrong legally and fundamentally bad policy for the U.S. But just ignoring the SEC’s concerns is wrong legally and bad for the U.S.”

He continued and said the following:

“We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week. Stay tuned.”

An important crypto strategist who accurately called Bitcoin’s May 2021 meltdown is now predicting a potential rally that could send BTC toward its long-term diagonal resistance.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $29,593.