US politician Cynthia Lummis discusses a comprehensive crypto regulation with user protection and clear company guidance.
In a recent CNBC television interview, the pro-crypto US Senator Cynthia Lummis emphasized the pressing need for a regulatory framework integrating cryptocurrencies into the US economy while prioritizing consumer protection.
Lummis revealed plans to reintroduce a crypto regulation bill that faced roadblocks in Congress last year, stating that the updated version incorporates valuable feedback from the Securities and Exchange Commission (SEC).
“We need a regulatory framework that integrates crypto assets into our economy in a way that ensures consumer protection,” says @SenLummis. “This legislation is needed to protect consumers but also so there are rules for the road for companies.” pic.twitter.com/drISz5suE9
ā Squawk Box (@SquawkCNBC) July 12, 2023
We Need Regulated Crypto Exchanges
Lummis stressed the necessity of exchanges being registered with the Commodity Futures Trading Commission (CFTC) and addressing illicit finance to ensure the robustness of the crypto ecosystem.
Notably, the proposed bill aims to establish adequate penalties, secure the assets and reserves underpinning cryptocurrencies, and introduce additional safeguards for consumer protection.
The senator acknowledged the contradictory nature of companies like the bankrupt FTX that operated offshore without sufficient consumer protections. Lummis noted that the lack of regulation exposes consumers to potential risks, echoing SEC Chair Gary Genslerās depiction of the crypto space as the āwild west.ā
By implementing the bill, Lummis believes that customers would be shielded from these risks and asserts that there must be clear guidelines and rules for companies integrating digital assets rather than regulation by enforcement.
When questioned about the SEC Chairmanās position on the bill, Lummis acknowledged Genslerās initial concerns regarding certain definitions used in the bill. However, she clarified that the bill had incorporated some of the SECās recommendations, addressing what are securities from commodities and ancillary assets.
Lummis believes that Congressās hesitance and the SECās lack of proactive guidance have contributed to the current erratic regulatory framework in the crypto space.
Speaking on the Ban on TikTok
Regarding the recent discussions surrounding a potential ban on TikTok, Lummis clarified that the objective is not an outright ban but rather to protect user data from surveillance by the Chinese Communist Party.
The proposed solution involves a registration system that safeguards usersā data and potential surveillance.
Ultimately, Senator Cynthia Lummisā steadfast commitment to introducing a comprehensive crypto regulation bill reflects a growing recognition among policymakers of the need to establish the much-anticipated regulatory framework.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basicās opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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