Crypto may be recognized as a commodity in the US, the senator recommended in the draft bill - TechyWebTech
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Crypto may be recognized as a commodity in the US, the senator recommended in the draft bill

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    The US is trying to bring virtual digital assets under a legal framework.

    This would be similar to the way traditional property is regulated under the law.

    US Senator Cynthia Lumis is working on a pro-crypto regulatory framework.

    This will lay the foundation for America's much-awaited crypto laws.

    Cynthia Lumis has proposed to recognize crypto assets like bitcoin as commodities in her draft of the crypto bill.

    His effort is to bring the crypto sector under the jurisdiction of the government.

    Before this sector develops into a multi-trillion dollar industry, their focus is on bringing it under the control of the government.

    trade like a commodity

    The Conservative Republican senator revealed some details of his crypto bill draft in a conversation with local media.

    We have designed it so it works within the framework of management and regulation of traditional assets, he said.

    For example, if bitcoin is a commodity, then it will come under the Commodity Futures Trading Commission.

    Like a commodity, it will be traded in the spot market and futures market.

    Then when something fits the Howe test that makes it safe, it will fall under the Securities Exchange Commission, Lumis said.

    Feedback sought on draft of crypto bill

    “We are going to introduce this as a part of this so that people can see the bigger picture of how the commodity components work with the components of stocks, with stablecoins and potentially with CBDCs,” Lumis said.

    They have sought feedback on their crypto bill draft to make it favorable in favor of industry players and investors.

    The US is currently confused about the classification of non-fungible tokens (NFTs).

    These are digital assets most of which can interact with the metaverse.

    Also its owner can get money from its sale.

    The holding and trading of cryptocurrencies is not banned in the US.

    Here crypto is not recognized as a currency but as an asset.

    There is a tax of 10 to 20 percent on crypto transactions.

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