New Bill Fully Integrates Digital Assets Like Bitcoin and Litecoin Into Existing Regulations

Wyoming Senator Cynthia Lummis. Photo: lummis.senate.gov

Senator Cynthia Lummis from Wyoming and Senator Kirsten Gillibrand from New York are set to release a Digital Assets bill on June 7th.

Senator Cynthia Lummis has recently stated at the Heritage Foundation panel that the new bill will cover digital assets that are commodities, digital assets that are securities, stable coins, discussion on CBDCs, and a small nod to NFTs, and also includes algorithmic and asset-backed stablecoins.

Perhaps this bill will finally designate digital assets like Bitcoin and Litecoin as commodities, and provide clarity on other digital assets as securities such as Ethereum, Cardano, XRP, and Solana, etc.

The Bill she said will not stifle innovation but will create a simple regulatory framework that's understood.

An early draft of the Bill was released but Cynthia recently stated that this version was an incredibly outdated version from March 1st.

That older march 1st draft can be found here.