Lummis-Gillibrand Reintroduce Landmark Crypto Legislation
The Breakdown
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The McHenry-Thompson Bill Establishes an Association of Crypto-Asset Intermediaries With the Power to Set Rules
This bill establishes an association of crypto-asset intermediaries with the power to set rule around customer protection and market integrity. Applications for membership would be decided by a 13-person committee, including a representative from both the SEC and the CFTC. This structure would give industry some say over membership to the self-regulatory organization but ultimately leave the deciding power in the hands of government representatives.
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