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Prominent US Senators Bring Forward A Crypto Bill Focusing On Extensive Future Plans and Rules 

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Recently, a bipartisan bill focused on crypto emerged from the US Senators Cynthia Lummis and Kirsten Gillibrand, as both of them are looking to put forward and extend a comprehensive set of regulations concerning digital assets in the US. 

The bill plans to keep the small-scale purchases of goods and services apart from the taxations by making transactions of less than $200 tax-free. And this seems to explore the nature of crypto to act as a currency. Additionally, the legislation would provide new powers and a commanding presence to the Commodity Futures Trading Commission.

It would also establish new federal law for stablecoins, taxes on small-scale payments, and the jurisdictions of regulators, and the uncertainties that have kept the fledgling financial sector from maturing are expected to fade away gradually. 

But this bill is just the tip of the thread that would lead to discussion and thoughts and it also joins various previous bills talking about the several aspects of the crypto sphere. 

Gillibrand highlights the bill to be a landmark bill, and there certain characteristics of the bill that would enable clarity for the regulators and the industry. Some of the features of this bill are that the lawmakers would provide the CFTC with the authority over the spot markets in crypto commodities, as sought by agency chief Rostin Behnam.

Furthermore, it would also give the required legal clarity on how to handle customer holdings. It would further clarify the meaning of a crypto broker. And crypto operations that CFTC looks over would, under this legislation, have to start paying fees to fund the agency, similar to the model that now supports the SEC.

The bill would also keep in account the recent Terra meltdown and the faded confidence of the community over stablecoins. And there would be a new framework for banks and credit unions to issue stablecoins, although issuers wouldn’t have to become depository institutions. 

The bill talks about various aspects of cryptocurrencies and the related entities. It is to look forward to how it would emerge in the future and what decisions would be taken with regard to the digital assets in the US. 

ALSO READ: What are further plans for Illuvium after selling its Digital Land Plots worth $72 million?

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