Senator Cynthia Ramis says the US now needs to pass bills for crypto market structures

Senator Cynthia Ramis has called on Congress to pass the Cryptocurrency Structure Bill, highlighting the importance of promoting US innovation.

Talk in Interview At CNBC’s Squawk Box on Wednesday, the Pro-Bitcoin Senator issued an urgent call for approval of the Crypto Market Bill, despite being Clarion. She said that such laws should ever be approved given the US is usually led by innovation, and of course encouraged change by the end of the year.

Meanwhile, her comments Follow the passage of genius acts US Senate. Stablecoin Bill approached US law after receiving bipartisan support and was passed by 68-30 votes on June 17th.

The US needs a crypto market bill

Senator Ramis and her pro-cryptic allies have not retreated despite the recent success of the act of genius. She discussed a new cryptocurrency regulation bill introduced by her and Senator Tim Scott.

Duo has support from Republican Sens. Tom Tillis and Bill Hagerty; It was introduced Tuesday’s bill aims to build on the Senate’s bipartisan momentum to make US cryptocurrency even more clear. The Act aims to clarify which assets are classified as securities or commodity brackets and who regulates which assets.

Meanwhile, Lummis noted that digital assets are commodities themselves, and that the Commodity Futures Trading Commission (CFTC) regulates them. However, she emphasized that most cryptocurrencies were “bundled and sold” by securities. Therefore, the involvement of the US Securities and Exchange Commission (SEC).

Nevertheless, as the Senate Agriculture Committee oversees product regulations, the Senate’s subcommittee on Digital Assets, chaired by Lummis, will focus on the US SEC regulatory provisions of the bill. Lummis noted that both committees would eventually converge and enact a balanced law on crypto market regulation.

Lummis sets an ambitious target for Bill Passage

Additionally, a pro-R-G-Senator, a Republican, noted that the Senate’s purpose is to pass the bill by the end of the year. Ramis stressed that the US is already lagging behind in regulating digital assets as Singapore and Europe have established regulations in the sector.

She said the crypto industry wants to grow in the US, but needs clear regulations to do so. Under the previous “enforcement-based regulatory” approach by the US SEC, crypto companies have entered into several legal battles with institutions, carrying millions of dollars in legal costs, and Lummis noted that this approach is hampering the growth of the industry.

“They (the crypto industry) are looking for regulations. We need to provide them with that.” Ramis told CNBC.

Meanwhile, this crypto market regulation bill is different from what is already causing waves in US homes. The Clarity Act has made progress through both the House Committee on Financial Services and Agriculture, attracting bipartisan support.

The bill will be handed over immediately with the Genius Act. Furthermore, President Trump has I was urged The House, which passes quickly through the Stablecoin Bill, is looking to position the United States as an uncontroversial leader in the crypto space.