Senator Cynthia Lummis has called for Congress to establish a comprehensive cryptocurrency framework following a recent court ruling. She emphasized the importance of protecting consumers and upholding the Howey Test, which determines if an investment is a security. Lummis mentioned the Lummis-Gillibrand bill as a proposal to clarify the regulatory environment for digital assets. The lack of clear guidelines inhibits innovation and economic growth in the blockchain field. Congress’ response will shape the regulatory landscape and unlock the potential of the crypto industry.
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