Lawmakers in the U.S. want to strengthen the cryptocurrency market

US lawmakers in Congress have just proposed a new cryptocurrency bill. Their idea is to simplify the current regulation of this market. [...] https://www.pinterest.com/pin/1085437947660215829/

US lawmakers in Congress have just proposed a new cryptocurrency bill. The idea is to simplify the current regulation of this market. As they say, their goal is to "eliminate barriers to innovation" and to define which characteristics determine whether a given digital asset is a security. Lawmakers want cryptocurrency market reform Congressmen from both the Democratic and Republican Parties - Patrick McHenry, Stephen Lynch, Glenn Thompson, Ted Budd and Warren Davidson - have introduced the "Eliminating Barriers to Innovation Act" into the legislative circuit. The legislation, they say, aims to establish the jurisdiction of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over cryptocurrencies. The SEC would oversee assets classified as securities, while the CFTC would be responsible for other such digital assets. The bill would also establish a working group to evaluate the regulatory framework governing digital assets in the US. This one will form within 90 days of the bill's approval. It would include industry experts from the SEC and CFTC, plus representatives from non-governmental organizations and companies related to financial services and financial technology. The group, if formed, will analyze the current cryptocurrency regulations and report within a year on how the current legal measures are affecting the markets and the U.S. competitive position. Recommendations for improving "the integrity and efficiency of primary and secondary markets for digital assets" will also be added to the document. US and cryptocurrencies The attitude of the US authorities towards cryptocurrencies is not as uniform as it is, for example, in the case of China. The Middle Kingdom is not in favor of independent digital currencies. This has to do with the creation of the digital yuan there. The new U.S. regulatory proposal comes at a time when many politicians are calling on authorities to create clearer regulations for cryptocurrencies. This has long been called for by SEC Commissioner Hester Peirce. She recently reiterated that the commission should approach the new market the same way it approaches any other. We wrote about this in more detail here. Tags law btc law law in the usa regulations USA