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.
