BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Sponsored
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Sponsored
Home Regulation

Will Senator Lummis’s Crypto Bill Erode Privacy?

by Dalmas Ngetich
Jun 6, 2022 - 12:00 am
in Regulation
Will Senator Lummis’s Crypto Bill Erode Privacy?

Cynthia Lummis is making a plan to propose a crypto oversight bill this month. The US senator believes digital assets need some guardrail, and the bill will be approved in the coming year.

Senator Lummis has been working closely with Kirsten Gillibrand for some months now to make the digital asset bill work. The bill is expected to differentiate a few big players in the US market and crypto miners from being viewed as brokers in Washington D.C.

Gillibrand believes that the bill will not just be a restriction but a framework that will allow the digital asset industry to grow.

The two senators want Commodity Futures Trading Commission (CFTC) to regulate the futures and spots market for cryptocurrencies. Similarly, the US Securities and Exchange Commission will serve as a supervisor for cryptocurrencies and digital assets.

Senator Lummis admitted that while the expected bill may be tricky, members of the council who will be charged with exercising voting rights need to get it right. When the commissioner of the CFTC was called upon to comment on the proposed bill, Caroline Pham stated that the CFTC has enough authority to play a significant part in overseeing the crypto industry.

Privacy in the Crypto Industry

Cryptocurrencies are digital assets for the free. The decentralized feature of most crypto assets makes them appealing. Recently though, cryptocurrencies have drawn the government’s attention and centralized authorities. Crypto tax has been effected in some countries, and central power is gradually creeping into the ecosystem.

Lummis wants the CFTC and SEC to monitor the traders and crypto institutions closely. The SEC will likely want to interfere with how DAOs are run or make rules regarding smart contract creation or ICOs. These erode privacy and do not align with the decentralized world or even web3, which aims to give individuals freedom and ownership rights.

In the end, crypto users may need to turn to advanced privacy projects to be fully concealed from unnecessary regulations. Monero is one of such projects, with decentralization and privacy being its most important goals.

Tags: BitcoinCryptoRegulation
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

Related Posts

SEC logo with court documents representing the lawsuit against Binance

Binance Faces SEC Lawsuit: Deciphering the ‘Tai Chi’ and ‘Operation Chokepoint 2.0’ Debate

June 6, 2023

Binance, the U.S.-based exchange and its CEO, Changpeng “CZ” Zhao, are currently facing charges from the U.S Securities...

Terraform Labs co-founder Do Kwon exiting Montenegrin court

Terraform Labs Co-founder Do Kwon Wins Bail Battle in Montenegro

June 5, 2023

Do Kwon has once again secured bail, this time in Montenegro, after an appeals process initiated by prosecutors...

Qatar Central Bank headquarters in Doha, under global watchdog FATF's critique.

FATF Urges Qatar to Take More Action Against Crypto Companies Amid Money Laundering Concerns

June 2, 2023

FATF criticises Qatar Central Bank for lax enforcement of regulations on crypto companies, urging stronger understanding of complex...

Digital Currency Group's CEO Barry Silbert during a press conference

DCG Proposes Consolidation of Class-Action Lawsuits to Avoid Conflicting Decisions

June 2, 2023

Digital Currency Group and CEO Barry Silbert have requested to merge two class-action lawsuits to prevent conflicting decisions...

Press Releases

pulse x

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse x

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse x

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

pulse x

Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here. A Platform for Worldwide Leaders to Discuss the Latest Web3 and Blockchain Trends

May 8, 2023

Join Hong Kong Web3 Festival 2023, the largest-ever digital asset event, co-hosted by Wanxiang Blockchain Labs and HashKey Group.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise