Crypto rules of the road framework unveiled by Republican senators

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Two Republican senators are planning to debut a framework on Tuesday for a major bill that would set the rules of the road for digital assets.

According to the framework, being introduced by Senate Banking Chairman Tim Scott of South Carolina and Sen. Cynthia Lummis of Wyoming, who heads the panel’s digital assets committee, the future bill will define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission and reduce the SEC’s regulation of digital currencies.

Also signing on are Sens. Thom Tillis, R-NC, and Bill Hagerty, R-Tenn.

Those pushing the legislation say the proposed bill would also contain a “small, common-sense package of measures directed at preventing money laundering and sanctions evasion.”