What are the key provisions of the Lummis Crypto Bill and how will they affect the digital currency industry?

1 answers

• Mar 22, 2022 · 3 years ago
  The Lummis Crypto Bill, also known as the Digital Asset Market Structure and Investor Protection Act, proposes several provisions that will impact the digital currency industry. One of the key provisions is the requirement for digital currency exchanges to register with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). This will bring digital currency exchanges under regulatory oversight and enhance investor protection. Another provision is the establishment of a regulatory framework for digital asset custody, which will provide clarity and legal certainty for custodial services. Additionally, the bill aims to address the tax treatment of digital assets, including the creation of a de minimis exemption for small transactions. These provisions aim to create a more regulated and secure environment for the digital currency industry, promoting its growth and adoption.
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