On May 3, 2022, Cynthia Lummis, the United States Republican Senate Representative for Wyoming, revealed some of the key constituents of her highly anticipated crypto bill that she is currently preparing.
In an exclusive short Livestream hosted by Axios, the Senate Representative for Wyoming spoke about the importance of definition and weeding out nonviable altcoin in her highly awaited compressive bill on cryptocurrency. Lummis is preparing the new crypto bill alongside New York Democrat Senator Kristin Gillibrand.
Lummis hinted that she would introduce the highly anticipated crypto bill as one big piece so that people see the big picture and then break it down into five or six components to attract consideration from appropriate congressional committees.
According to Lummis, the new legislation will work within the traditional framework for managing and regulating traditional assets. The proposed bill will divide cryptocurrency oversight functions between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
While referring to the 1946 Supreme Court decision on the definition of term security, Lummis said that crypto assets would be subjected to the SEC when something fits within the Howey Test that makes it a security.
Nonetheless, Lummis maintained that regulations must also address altcoins and consumer confidence, adding that “regulators must separate the wheat from the chaff in the crypto space.” According to her, this will allow many people in the United States to use crypto for payment and integrate them into 401(k) retirement saving packages.
Lummis Confident About Crypto Bill
During her livestream, the Wyoming senator showed a lot of confidence that her legislation would pass since digital assets are nonpartisan. She expressed hope that the bill will move more quickly through the legislative process than expected for such a complex bill.
Moreover, Lummis maintained that the new bill successfully merges with U.S President Joe Biden’s Executive Order on Ensuring Responsible Developments of Digital Assets. Although the draft bill slightly differs from the president’s regulatory vision, it will allow non-bank entities to issue stablecoins. Lawmakers will seek advice from the private sector on the stablecoin regulatory framework and the NFTs marketplace.
Before summarizing, Lummis revealed that the new bill touches on central bank digital currency (CBDC) development, but not in detail. Unfortunately, the new bill will not address environmental issues and non-fungible tokens (NFTs).
The lawmaker argued that it would be hard to figure out how to categorize them. Nonetheless, she noted that regulators might in future decide on how and when to regulate them after the passage of the bill.
ApeCoin Integrates Polygon, Refutes Claims Of Possible APE Chain
ApeCoin (APE), a decentralized finance application (DApp) established by a popular non-fungible token creator Yuga Labs, has successfully integrated Ethereum (ETH) Layer scaling protocol Polygon (MATIC).
The recent integration appears a few days after Yuga Labs, the creator of popular NFT collection Bored Ape Yacht Club (BAYC), launched its “Otherdeeds NFTs” minting for its real estate venture in Otherside, Metaverse late last week.
The drop gained overwhelming support from the NFT community, amassing more than $300 million in sales almost instantly. However, the minting event experienced technical issues, including failed transactions and high gas fees. At the time, collectors paid around 2 to 5 ETH.
These technical glitches attracted heated discussion online, with some users the lost their stake to high Ethereum gas fees expressing their disgruntlement on Twitter and Reddit.
Although Yuga Labs remorsefully apologized and promised to refund losses made from gas for failed transactions, some users speculated that the failure was a stage-managed market stunt. Many users questioned how Yuga Labs highlighted a problem and then announced a chain for APE. The market might be ready for a crypto bill implementation. It would help regulate all these occurrences and market volatility.
There Is No Ape Chain Coming Up
Nonetheless, Yat Siu, a representative of ApeCoin decentralized autonomous organization (DAO), has refuted claims of establishing a new chain for APE. Although Yuga Labs encourages the formation of a new chain, Siu noted that there are no imminent plans or discussions among board members about the possibility of an APE chain.
Despite that clarification, some users are still not convinced about the event, with Twitter user MetaMan stating that facilitators of the event should admit their mistakes.
The event left more than 55,817.39 ETH ($158 million) burned, putting Otherdeed NFTs at the top of the ETH 7-day burn leaderboard. The minting event pushed the Ethereum network’s burn to a new all-time high of 70,000.
