For the crypto industry, news of the collapse of FTX and Sam Bankman-Fried’s empire was like a bombshell. The situation has placed a sword of Damocles over the holdings of investors and those of FTX users. The insecurity linked to the occurrence of this type of event is one of the major concerns of US Senator Cynthia Lummis. Last June, the leader submitted a bill on cryptos to the Senate. Ella did so in the company of her counterpart Kirsten Gillibrand. For the senator, urgent decisions must be made to regulate the sector.
“We need clear rules for the crypto sector in the United States”
The day after the mention of a potential takeover of FTX by Binance, the American senator Express his concern about the stability of the crypto industry. For her, recent events are proof that clear regulations are urgently needed to govern the digital asset market.
“Market manipulation, lending activities and whether client funds and assets have been appropriately safeguarded are just a few of the many issues that my colleagues and I must consider in the days ahead. coming. Transparent and fair regulation of exchanges, as provided by the Lummis-Gillibrand Responsible Financial Innovation Act, is essential to ensure customer protection while promoting responsible innovation.”has she writing on its website.
The bill written by Senators Lummis and Gillibrand is the solution for quality regulation. The text places particular emphasis on consumer protection, while promoting innovation in the crypto sector. The document plans to give full powers to regulators (SEC and CFTC) to monitor the sector. It also plans to create clear guidelines for the use of stablecoins, to integrate crypto assets into tax law and banking regulations. Finally, it plans to promote innovation in energy consumption for the sector, in particular the segment of mining.
Cynthia Lummis has always been supportive of cryptos, but she feels the lack of regulation is more of a disadvantage than a benefit. Hence his fight for the urgent regulation of the sector.
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