It is hard to think of a document that was more desired than the crypto bill. This bill was co-sponsored by Senators Cynthia Lummis from Wyoming and Kirsten Gillibrand, both of New York. It’s finally here. Lummis, Gillibrand presented a 69-page bill to the U.S. Senate last week. What’s inside? Projects of study on digital assets’ environmental impact and advisory committee on innovation. Tax structure and mandate for analysis of how digital assets are used in retirement savings.
The bill, if it becomes law, would undoubtedly bring about major changes in the regulatory landscape. Cynthia Lummis and Kirsten Gillibrand have confirmed that Bitcoin (BTC), and Ether (ETH), will be classed as commodities and regulated under the Commodity Futures Trading Commission. The bill authors also consider most altcoins securities that are subject to U.S Securities and Exchange Commission (SEC). Cointelegraph was told by a concerned expert that it would be difficult to determine what is in the SEC bucket. However, it could be an exception that swallows all the rules.
Terraform Labs is facing legal problems
Terraform Labs is the parent company of the Terra ecosystem’s collapse. It continues to fight enforcement agencies and courts in both the hemispheres. Seoul Metropolitan Police Agency was notified by intelligence of possible embezzlement in BTC by an employee of the company, but not Do Kwon. Kwon is still in trouble as the United States Court of Appeals rejected Do Kwon’s dispute with the SEC regarding a subpoena. It was correctly served.
Bad week in Binance
Last week, Binance, a major crypto exchange, suffered severe blows. The SEC probed whether Binance Holdings violated securities laws when it launched BNB, its native token, in an initial coin offer (ICO) five year ago. Reuters then claimed that Binance had processed more than $2.35 Billion of transactions involving hacks, investment frauds, and narcotics sales, between 2017 and 2021. The company dismissed the journalist’s claims as disinformation attempts made by some interested parties to “mislead” the public in a written statement.
Letter from human rights activists
It’s cool to write letters again. The new open letter, this one from human rights activists, comes a week after the protest letter sent by tech scientists against lobbying efforts of the industry. Twenty countries sent an open letter to Congress praising stablecoins and Bitcoin as vital tools for democracy and freedom for millions. Human rights groups criticized the anti-crypto letter authors last week, claiming they come from countries that have “stable currencies,” free speech and strong property rights, and that they probably have not experienced hyperinflation.