The Lummis-Gillibrand crypto bill likely postponed to 2023


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.

Joyashree Dey
CBW - External Analyst
INDIA