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<p>Senators Lummis and Gillibrand have proposed a comprehensive crypto regulation bill aimed at protecting client assets and enhancing oversight, while concurrently, Rep. Torres is urging investigations into the SEC&#39;s cryptocurrency exchange license to scrutinize its motives and regulatory implications. Additionally, the SEC and Coinbase are currently involved in a pre-motion hearing to address concerns related to crypto regulation, while the FTC has reached a settlement with Celsius Network.</p><p>The BSV Blockchain Gazette is presented by Bryan Daugherty, Global Policy Director for BSV Blockchain Association, featuring:</p><ul><li>Sens. Cynthia Lummis (R-WY) and <a href="https://www.linkedin.com/in/kirstengillibrand/" rel="noopener noreferrer nofollow">Kirsten Gillibrand</a> (D-NY)</li><li>Rep. Ritchie Torres (D-NY)</li><li><a href="https://www.linkedin.com/company/secgov/" rel="noopener noreferrer nofollow">SEC</a> (U.S. Securities and Exchange Commission)</li><li><a href="https://www.linkedin.com/company/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a></li><li><a href="https://www.linkedin.com/company/federal-trade-commission/" rel="noopener noreferrer nofollow">FTC</a> (Federal Trade Commission)</li></ul><h2 id="header-0">Bipartisan Senators Introduce Comprehensive Crypto Regulation Bill</h2><p>Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) released their proposed bill to regulate the US crypto industry. The bill would require firms to segregate client assets and impose third-party custody requirements, create new advertising standards for marketing crypto, and require exchanges to show proof that they have enough assets to cover customer balances. The bill would also create a framework to give the CFTC more authority to oversee certain tokens, sanctions compliance, taxes, and stablecoin regulation. Sen. Lummis tweeted about some of the highlights of the bill.&#34;</p><h2 id="header-1">Rep. Torres Calls for Investigations into SEC&#39;s Cryptocurrency Exchange License</h2><p>Rep. Ritchie Torres (D-NY) has drafted requests for two investigations into the license granted to Prometheum Ember ATS by SEC, allowing the company to act as a cryptocurrency exchange. Rep. Torres questions whether the issuance of Prometheum’s Special Purpose Broker Dealer (SPBD) license was a political ploy by the SEC rather than a meaningful effort to assimilate digital assets into the current regulatory architecture.</p><h2 id="header-2">SEC and Coinbase Head to Pre-Motion Hearing over Crypto Regulation</h2><p>A pre-motion hearing is set to take place today between the SEC and crypto exchange Coinbase.</p><h2 id="header-3">FTC Settles with Celsius Network, Permanently Bans Handling of Consumer Assets</h2><p>The FTC announced a settlement with bankrupt cryptocurrency platform Celsius Network that will permanently ban it from handling consumers’ assets. The FTC charged three former executives with tricking consumers into transferring cryptocurrency onto the platform by falsely promising that deposits would be safe and always available.</p>

Bipartisan Senators Propose Comprehensive Crypto Regulation Bill

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