A leaked copy of the new bipartisan Senate bill appears to favor a much tighter regulatory environment for cryptocurrency assets.
What Happened: A June 3 Barrons report details a revised bill put forward by Senators Cynthia Lummis and Kirsten Gillibrand.
The oversight of the cryptocurrency industry would be split between two U.S. regulators: the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
After incorporating industry feedback, the new version of the bill broadens the definition of tokens under the SEC’s jurisdiction, but only courts will be able to make exceptions to the presumption that a token is a security.
The Fine Print: “The bill clarifies the universe of digital tokens that would fall under the SEC’s jurisdiction. The latest draft restricts the SEC’s authority instead of expanding it,” said a …
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