Cynthia Lummis aims to provide legal clarity on the crypto industry

US senator Cynthia Lummis is planning to introduce a comprehensive bill on the crypto industry.

This year crypto adoption surged by many folds and due to the surge of adoption, crypto services also evolved at the same rate. Due to increasing crypto adoption, financial regulators are working at their best to retard the growth of crypto adoption with rules and regulation threats on the crypto companies. So right now most of the Companies are willing to work under the regulatory framework with very high clarity, to operate crypto services much perfectly without any legal hurdles. 

In the past few months, many crypto proponents raised their voices to force the government agencies to provide clarity on the regulatory system. 

In the latest, Cynthia Lummis, crypto-friendly Senator from Wyoming US, proposed a bill. Through the bill, Cynthia aimed to bring better legal clarity on the crypto and different assets class. 

According to a published report by Bloomberg on 23 December, US senators aimed to bring ease to the crypto industry to figure out the regulation system on Stablecoins and identify the actual asset class of cryptos.

Reportedly, Cynthia is working to create an organization under the jurisdiction of two leading financial Regulatory bodies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

Through Twitter, Cynthia urged followers to call out their respective senators to consider this proposal. And this is a very important thing because Cynthia can’t do it alone with few numbers of votes supported by other Senators. There are 100 Senators seats and the majority of the senators needed to remain in favour of Cynthia Lummis’ proposal bill.

Ripple CEO Brad Garlinghouse on regulatory clarity 

Brad Garlinghouse, CEO of the San Francisco-based firm, yesterday took to Twitter and reminded the success of the Ripple company under the threat and lawsuit by the SEC agency. 

Through the tweets, Ripple’s head raised his voice against the regulatory bodies and wrote that crypto companies should not be punished on the question of regulatory clarity.

Read also: Cardano Foundation CEO on 2021 success of Cardano project