Republican Senator Lummis’s suggestion includes bringing it under government jurisdiction without hindering the growth of the crypto segment. He disclosed some information related to the draft of the crypto bill in an interview given to a media organization. “It is designed to operate within the framework of managing and regulating common assets. For example, bitcoin is a commodity and as such it can be used for trading and trading of commodity futures for the purposes of spot market and futures market,” he explained. Commission.
Different segments of the blockchain industry will be divided into a few groups. Their responsibility can be given to the relevant committees already working in America. “We will put this together so that people can understand how the commodities segment works with the securities segment, stable coins and potential CBDCs,” Lummis explained.
However, there is confusion in the US regarding the category of non-fungible tokens (NFTs). Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. Lummis has sought feedback from relevant parties on the draft of the crypto bill so as to take care of the interests of firms and investors associated with the crypto industry. Some other countries are also working on making laws for the crypto segment. This will also help in reducing the cases of fraud in this segment.
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