"Hopefully, the crypto law will be passed soon, but there may be many obstacles for this to happen."
Two United States (US) Senators have drafted a bill (bill) related to crypto assets and elected the Commodity Futures Trading Commission (CFTC) as the regulator.
The bill introduced by Republican Senator Cynthia Lummis and Democratic Senator Kristen Gillibrand is part of an effort to control the growing crypto market of influence.
In addition, it will also provide certainty and clarification on the crypto market and protection for consumers, especially the rules involving stablecoin after the TerraUSD (USTC) incident.
It is understood the CFTC’s choice over the Securities and Exchange Commission (SEC) is because it is more crypto -friendly and not tied to various securities requirements.
Even so, the bill is still in its early stages and will not be debated in Congress in the near future as there will be mid -term elections in the coming months.
However, it has become an important starting point that will bring changes to the future of crypto assets, besides also linking two different parties (biparties) in Congress in the future.
Meanwhile, the latest US action is seen in line with the Japanese government's decision to approve a legal bill to protect stablecoin.
