First introduced in June of 2022, the bipartisan Lummis-Gillibrand bill aims to offer regulatory clarity and designate a leading authority.
Citing the SEC’s use of regulation by enforcement as one of the leading factors causing crypto companies to look elsewhere.
The social application, regionally known as Xiaohongshu boasts over 200 million active users and is one of the countries leading lifestyle platforms. The collaboration highlights an increasing move to attract international audiences as regulatory pressure grows in the U.S.
Users must tick a box stating they are not a “US Person,” which several U.S. based traders openly claimed they did after waiting months for their rewards.
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.”