Details of the draft law on cryptocurrency regulation in the United States have become known

In a video interview with Axios, Wyoming Senator Cynthia Lummis provided details about the bill to regulate cryptocurrencies. The law will define certain categories of crypto assets, but there are no provisions for NFTs.

The bill adapts the US legal framework so that cryptocurrencies and traditional assets fall under the same regulatory categories. For example, if bitcoin is considered a commodity traded on the spot and futures markets, it will be under the supervision of the US Commodity Futures Trading Commission. And if a crypto asset can be classified as a security under the Howey test, then it will be supervised by the Securities and Exchange Commission.

Accordingly, cryptoassets will be divided into a number of categories and controlled by different interest groups: commodities, securities, stablecoins, and central bank digital currencies. At the same time, there is no NFT among them, so it is not clear how this part of the market will be regulated and whether it will be regulated at all in the medium term.

The bill does not plan to legalize bitcoin as a means of payment in the United States.