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US Senators Lummis and Gillibrand to Unveil Crypto Regulation Proposal on July 12

US Senators Cynthia Lummis and Kirsten Gillibrand are set to introduce a revamped crypto regulation proposal called the Lummis-Gillibrand Responsible Financial Innovation Act. The bill aims to bridge the regulatory divide between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and provide clarity for the crypto industry.

The proposed act would designate most cryptos as commodities under the CFTC's purview, mandate crypto exchanges to store customer assets securely in third-party trusts, and impose stricter standards on new tokens before they are listed on crypto exchanges.

The bill's passage in its current state or within the current Congress appears doubtful, but it marks a significant initial stride towards cultivating bipartisan legislation on this crucial subject.

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