US Senate considers regulating cryptocurrencies as commodities

The US Senate is studying the bill that would regulate cryptocurrencies as raw materials, such as oil or coffee

The US Senate is studying the bipartisan bill called the Responsible Financial Innovation Act, which would give cryptocurrencies the status of commodities, such as oil or coffee, and would be under the supervision of the Commodities Futures Trading Commission (CFTC).

The bill was introduced by Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis, who are part of the Senate Committee on Agriculture and the Senate Banking Committee and believe that the Securities and Exchange Commission (SEC) should regulate cryptocurrencies.

Lummis explained that the Responsible Financial Innovation Act is a bipartisan framework that provides “regulatory clarity for agencies tasked with overseeing digital asset markets, provides a strong and tailored regulatory framework for stablecoins, and integrates digital assets into our tax laws. and existing banks.

For her part, Gillibrand pointed out that the bill “will provide clarity to both the industry and regulators, while maintaining the flexibility to take into account the continuous evolution of the digital asset market.”

Cryptocurrencies market, the Wild West

For a long time in the US, the regulation of cryptocurrencies has become what some call a “turf war” because the body that should be in charge of supervising digital currencies is not yet clearly defined.

Cryptocurrency investors believe that the SEC should not “supervise decentralized digital tokens because it doesn’t make any sense.” However, critics of the project point out that granting supervision to the “CFTC is equivalent to leaving the market unregulated.”

SEC Chairman Gary Gensler in 2021 called the crypto market a “Wild West” and admits that digital currencies are similar to stocks and should be treated as such and not commodities.

M. Rodríguez

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