Cynthia Lummis Slams SEC On Security Vs Commodity Classification: 'Failed To Provide Adequate Legal Guidance'
Portfolio Pulse from Mehab Qureshi
Senator Cynthia Lummis criticizes the SEC for failing to provide adequate legal guidance on security vs commodity classification for digital asset exchanges like Binance and Coinbase. She pushes for the Lummis-Gillibrand Responsible Financial Innovation Act to create a functional framework for the industry.
June 07, 2023 | 6:31 am
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Senator Lummis criticizes the SEC's lack of clarity on security vs commodity classification, which may affect the regulatory environment for Bitcoin and other cryptocurrencies.
Senator Lummis' criticism of the SEC highlights the ongoing regulatory uncertainty surrounding cryptocurrencies like Bitcoin. While her push for the Lummis-Gillibrand Responsible Financial Innovation Act could potentially create a more favorable regulatory environment, it is unclear how this will directly impact Bitcoin's price in the short term.
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