Lummis-Gillibrand bill is finally here

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Lummis-Gillibrand bill is finally here
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The crypto bill, co-sponsored by U.S. Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, was written for the crypto community, so it’s hard to name a more anticipated document. And, it’s finally here. Last week, Lummis and Gillibrand introduced a 69-page bill in the U.S. Senate. What’s inside? Research projects and innovation advisory committees on the environmental impact of digital assets, tax structures, mandates to analyze the use of digital assets in retirement savings, and more.

If enacted into law, the bill will undoubtedly make significant changes to the current regulatory landscape. Kirsten Gillibrand and Cynthia Lummis have confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities and regulated by the Commodity Futures Trading Commission (CFTC). Meanwhile, the bill authors argue that most altcoin securities are regulated by the U.S. Securities and Exchange Commission (SEC). “Deciphering exactly what’s in the SEC bucket will be a daunting task, but it could be the exception to the swallowing rule,” one worried expert told Cointelegraph.

Terraform Labs faces legal issues

Terraform Labs, the parent company behind the crumbling Terra ecosystem, continues to battle law enforcement agencies and courts in both hemispheres. The Seoul Metropolitan Police Department received an intelligence tip informing them that an employee of the company may have misappropriated bitcoin, but not Do Kwon himself. But Kwon was still in enough trouble, as a U.S. appeals court dismissed his dispute over the SEC subpoena, ruling that the subpoena was properly served.

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Bad week for Binance

Major cryptocurrency exchange Binance suffered some serious blows last week. The U.S. Securities and Exchange Commission investigated whether Binance Holdings violated securities rules when it launched its native token, BNB, in an initial coin offering (ICO) five years ago. Then, Reuters said, Binance processed at least $2.35 billion in hacking transactions, investment fraud and drug sales between 2017 and 2021. In its written statement, the company snubbed the reporter’s allegations that certain stakeholders sought to “mislead the public” with false information going public. ”

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A letter from a human rights activist

Writing letters is cool again. A new letter from a human rights activist comes a week after tech scientists opposed the industry’s lobbying efforts. Activists from 20 countries submitted an open letter to the U.S. Congress in support of “responsible cryptocurrency policy” and praised bitcoin and stablecoins as vital tools to help democracy and freedom for tens of millions. The Human Rights Coalition has slammed the authors of last week’s anti-encryption letter, who come from countries with “a stable currency, free speech and strong property rights” who most likely have not experienced hyperinflation or the “cold of dictatorship.” “

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