The U.S. has decided when it will pass a law to regulate cryptocurrencies

She notes that such time frames are set because many of the senator’s colleagues need a more detailed understanding of the crypto industry to make a competent decision. In turn, Kirsten Gillibrand, who also drafted the bill, said that by now, many U.S. politicians and regulators have begun to realize that the country needs to adopt some changes to protect consumer rights in the industry.

Cynthia Lumiss also doesn’t exclude that some aspects of the Responsible Financial Innovation Act will be approved this year. It is about the proposal of several senators to make the CFTC the primary supervisory authority for the crypto industry.

The interest has become apparent because these changes really need to be made. As of today, the industry is not controlled at all, the consumer is not protected, and other things are also unsupervised.

the senator said.

As noted by the senator, the document, which she and her colleagues suggest, touches upon almost all aspects of the crypto industry and its regulation – from consumer protection to taxation issues. However, the draft does not include aspects related to NFTs, as there are currently problems with their classification.

It is worth noting that the U.S. Senate has been discussing the topic related to the crypto business for months. Earlier, a member of the Banking Committee, Elizabeth Warren, urged the U.S. Congress and the country’s primary regulator, the SEC, to be stricter in their position regarding cryptocurrencies and the industry as a whole.