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The Lummis-Gillibrand crypto bill likely postponed to 2023

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Joyashree Dey Follow

INDIA

Jul, 22 2022

Jul, 22 2022

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United States Senators Cynthia Lummis and Kirsten Gillibrand have expressed that the impending crypto bill will probably be held next year.

US Senate will discuss cryptocurrency regulation within the US as part of its Responsible Financial Innovation Act, expected to address the role of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission in the regulatory of  framework surrounding crypto.

Senators Lummis and Gillibrand attended Bloomberg’s Crypto Summit on July 19 to frame the chances the crypto bill will be pushed forward this year.

Lummis responded: “I think both Kirsten and I believe that the bill, in one piece, as a total bill is more likely to be deferred until next year. It’s a big topic, it’s comprehensive, and it’s still new to many US Senators and so it’s a lot for them to digest in the few remaining weeks we have in this calendar year.”

Alongside discussing the future of stablecoin guidelines, and tax treatment of digital assets, the CFTC will likewise be referred to as a potential key regulator for crypto as it keeps on working with Democrat Senator Debbie Stabenow and Republican member John Boozman.

The bill will move under CFTC jurisdiction in its current structure; Lummis and Gillibrand proposed the legislation defines digital assets as commodities.

Stablecoins have also been of particular interest to the Senators duo Lummis-Gillibrand, drawing up plans for its regulation likewise a part of their legislation. Lummis notes that this legislation might be moved into a different bill from the banking committee which can be decided on this year.

“There seems to be some serious common ground forming, and just as Senator Lummis said, the two committees that have the most focused Senators on this topic are banking and agriculture, Senator Wyden and his committee wrote a good part of the tax provisions in our bill,” said Gillibrand.

Senator Gillibrand also highlights investor protection as an ‘important’ and 'significant' part of the impending bill, a key factor that was mentioned by SEC Chairman Gary Gensler while discussing the potential crypto bill. 


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Joyashree Dey

CBW - External Analyst

INDIA

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