First introduced in June of 2022, the bipartisan Lummis-Gillibrand bill aims to offer regulatory clarity and designate a leading authority.
With planned tax breaks for token issuers and proactive pursuit of the tokenization of real-world assets increasing in priority.
Citing the SEC’s use of regulation by enforcement as one of the leading factors causing crypto companies to look elsewhere.
As a worst-case scenario should regulation be too “slow to come.”
Meanwhile in the U.S. politicians like Congressman Tom Emmer speak up about privacy risks associated with such tokens.
What does this mean for existing crypto card offerings and should holders be concerned?
While not named as a direct motivator for the decision, the call comes just one week after the token’s issuer Paxos faced increased regulatory scrutiny.
Adidas’ Web3 lead Erika Wykes-Sneyd talks about utilizing token-gated strategies for combatting the ongoing ‘bot’ issue when trying to score a pair of sneakers.
Or is the coverage favoring the stance of the SEC, who believes the stablecoin to be a “security,” as it ordered the firm to halt the minting of new tokens.
Stating that “using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating.”
