The crypto regulatory environment in the US is definitely not in place. The US regulators have been trying to scrutinize the crypto industry and the key players in the country. With the players urging for a proper crypto regulatory framework in the US, such a framework seems still far away. According to the most recent report, US Senators Cynthia Lummis and Kirsten Gillibrand are set to propose a bill today for the regulation of crypto in the nation.
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The new crypto bill will reintroduce the Responsible Financial Innovation Act
The new crypto bill brought up by the US Senators will reintroduce the Responsible Financial Innovation Act. Additionally, the bill also envisions classifying cryptocurrencies as commodities like gold.
According to people familiar with the matter, the new proposed bill will also force crypto exchanges to keep the assets of customers in third-party trusts.
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The report comes at a time when the SEC has filed lawsuits against two of the largest cryptocurrency exchanges, Binance and Coinbase. The SEC and Gary Gensler have faced criticism for their stern stance on cryptocurrencies. A recent lawsuit by the SEC also flagged several cryptocurrencies as securities.