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New US bill looks to incorporate crypto into the traditional f | CRYPTOLOGY

New US bill looks to incorporate crypto into the traditional financial system

Senators Cynthia Lummis and Kirsten Gillibrand are ready to present a draft bill on crypto regulations to the U.S. senate. According to a report from Politico, this is a first-of-its-kind bill aimed at totally incorporating digital assets into the U.S. financial system.

Senator Kirsten Gillibrand, a New York Democrat who joined the project earlier in March, co-authored the bill. This collaboration is seen by many in the crypto industry as a non-partisan action toward crypto regulations. The bill suggests the creation of a self-regulatory institution to be in charge of cryptocurrencies and other digital assets. The lawmakers also hint at absolving Bitcoin miners from laws guiding financial brokerage companies. The draft also seeks to make the Commodity Futures Trading Commission (CFTC) the crypto market regulator.