American senators Cynthia Lummis and Kirsten Gillibrand have finished what might probably be the most anticipated piece of legislature in the history of digital assets. Senator Cynthia Lummis has announced the news through her official Twitter account.
According to Politico, the new bill has the potential to incorporate digital assets into the country’s financial system by creating a self-regulatory institution, whose sole purpose would be to monitor and regulate cryptocurrencies.
Such an advance would be a revolutionary step in the history of crypto, as it would establish that the sector operates on the same level as other state institutions.
The bill further promises to bring forth the most comprehensive crypto regulations, which would properly classify digital assets not only on a country-wide scale but could potentially have worldwide implications for the whole sector. As Gillibrand has stated:
“New York is the center of world financial markets. This is one of the greatest growing industries that New York definitely wants to have a part of.”
Despite all the buzz, though, the bill is still being presented in its first draft form and is subject to revisions. Not to mention that as with any other cryptocurrency proposal, this bill also has its opponents and quite a long road ahead of itself. If accepted, however, it could dramatically change the way how crypto is perceived in society.