Crypto to join the traditional financial system in the US according to leaked bill

Senator Cynthia Lummis has introduced a new bill aimed at totally incorporating digital assets into the U.S. financial system.

Senators Cynthia Lummis and Kirsten Gillibrand are ready to present a draft bill on crypto regulations to the U.S. senate.

According to a report from Politico, this is a first-of-its-kind bill aimed at totally incorporating digital assets into the U.S. financial system.

The draft bill will be unveiled on June 7, 2022.

The law, according to Politico, is intended to clarify cryptocurrency legislation while also giving the most reliable and recognised classification of digital assets accessible internationally.

Senator Lummis confirmed the finalization of the crypto bill in a tweet last week.

The measure was co-authored by Senator Kirsten Gillibrand of New York, a Democrat who joined the initiative earlier in March. Many in the crypto sector perceive this partnership as a bipartisan approach to crypto legislation.

The bill suggests the creation of a self-regulatory institution to be in charge of cryptocurrencies and other digital assets. The lawmakers also hint at absolving Bitcoin miners from laws guiding financial brokerage companies.

The draft also seeks to make the Commodity Futures Trading Commission (CFTC) the crypto market regulator.

However, this plan might conflict between the commission and the Securities and Exchange Commission (SEC). The SEC, under Gary Gensler, has actively been involved in the policing of crypto space.