There is hardly a more long-awaited document than the Cryptocurrency Bill, co-sponsored by U.S. Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, aimed at the crypto community. And finally here. Last week, Lummis and Gillibrand submitted a 69-page bill to the US Senate. What is inside? Projects to study the impact of digital assets on the environment and an advisory committee on innovation, tax structure, a mandate to analyze the use of digital assets in pension savings, and much more.

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If it becomes law, the bill will undoubtedly introduce major changes to the existing regulatory framework. Kirsten Gillibrand and Cynthia Lummis confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities and regulated by the Commodity Futures Trading Commission (CFTC). At the same time, the authors of the bill believe that most altcoin securities are subject to the rules of the US Securities and Exchange Commission (SEC). “It will be difficult to decipher what exactly is in the SEC bucket, but this could be an exception that swallows the rule,” a concerned expert told Cryptooshala.

Terraform Labs’ Legal Trouble Growing

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Terraform Labs, the parent company behind the collapsed Terra ecosystem, continues to struggle with law enforcement and the courts in both hemispheres. The Seoul Police Department received intelligence information about the possible theft of BTC by one of the firm’s employees, but not by Do Kwon himself. But Kwon is still in enough trouble as the United States Court of Appeals dismissed his dispute over the subpoena from the Securities and Exchange Commission, ruling that it was delivered correctly.

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Bad week for Binance

Major crypto exchange Binance suffered heavy losses last week. The Securities and Exchange Commission was investigating whether Binance Holdings violated securities regulations when it launched its own BNB token as part of an Initial Coin Offering (ICO) five years ago. Reuters then stated that between 2017 and 2021, Binance processed at least $2.35 billion of transactions through hacking, investment fraud, and drug sales. public”.

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Letter from human rights defenders

Writing letters is cool again. A week after the open letter from tech scientists against the industry’s lobbying efforts comes another letter, this time from human rights activists. Activists from 20 countries have submitted an open letter to the US Congress in support of “responsible cryptopolitics” and praised Bitcoin and stablecoins as important tools to help bring democracy and freedom to tens of millions. The Human Rights Coalition lashed out at the authors of the anti-crypto letter released last week, who came from countries with “stable currencies, freedom of speech and strong property rights” and that they likely did not experience hyperinflation or the “cold grip of dictatorship.” . “.

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