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US Senators Lummis, Gillibrand Crafting Bipartisan Regulatory Crypto Legislation
Summary: United States Senator from New York, Kirsten Gillibrand, disclosed working with Senator Cynthia Lummis on creating a regulatory framework for how the crypto industry should be regulated on Thursday at a Politico live event in Washington, D.C. If Gillibrand, a New York Democrat, and Lummis, a Wyoming Republican, succeed in constructing and finalizing the details, ...
United States Senator from New York, Kirsten Gillibrand, disclosed working with Senator Cynthia Lummis on creating a regulatory framework for how the crypto industry should be regulated on Thursday at a Politico live event in Washington, D.C.
If Gillibrand, a New York Democrat, and Lummis, a Wyoming Republican, succeed in constructing and finalizing the details, it would mark the first major bipartisan initiative to create a regulatory framework for the U.S.’s digital markets. Previous legislative efforts have been limited party lines.
Speaking on her and Lummis’ main objectives for taking on the crypto legislation, Gillibrand said:
“Many of the goals that Sen. Lummis and I have are identical — we want to address things like safety and soundness, we want to address consumer protection, we want to address certainty for markets.”
Gillibrand noted the work she and Sen. Lummis are undertaking is “a very complex and intensive review” of all things crypto. Some aspects will be regulated by the Commodity Futures Trading Commission (CFTC), while others will be regulated by the Securities and Exchange Commision (SEC).
This bipartisan legislation comes weeks after a March 9 executive order signed by President Joe Biden, which he called for a broad review of digital assets, including cryptocurrencies, citing the $3 trillion digital asset market cap as of November 2021.
Author: Tyler Irvin
Tags: Crypto
Link: US Senators Lummis, Gillibrand Crafting Bipartisan Regulatory Crypto Legislation [Copy]
