US Senator Lummis and New Developments on Cryptocurrency Market Regulation
According to a report on June 25, US Senator Lummis shared on CNBC about promoting the legislative process related to the cryptocurrency market. She expects the Senate and House of Representatives to closely coordinate to pass two important bills this year.
The Importance of the Market Structure Act and GENIUS Act
The Market Structure Act aims to restructure the regulatory framework for DeFi markets, facilitating the sustainable development of cryptocurrency-related products and services. Meanwhile, the GENIUS Act aims to enhance the legal framework for blockchain technology and DeFi applications.
Separate Action But Synchronized
Although Senator Lummis does not recommend merging the two bills into a single text, she emphasizes the necessity of passing both within the same year. This is an important step to establish a clear legal framework, minimize legal risks, and boost institutional investors' confidence in the cryptocurrency ecosystem.
Positive Impact on the Cryptocurrency Ecosystem
If approved, these laws will help expand the trading scope and development for DeFi projects. As a result, capital from traditional sectors will more easily access the cryptocurrency market, thus driving long-term growth.
Conclusion
The synchronized coordination between traditional financial markets and cryptocurrency, supported by advanced legal frameworks, will create breakthroughs for blockchain technology and DeFi. The year 2024 promises to be a significant milestone, marking the official recognition and stronger collaboration in the cryptocurrency sector in the US.
Source: https://tintucbitcoin.com/thuong-nghi-si-lummis-day-genius-act/
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