Parts of the crypto bill may pass within six months
- Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, DN.Y., claim that part of their crypto regulation bill could pass in the next six months
- Lummis is a Republican from Wyoming
- They said the first part of the bill that could be moved would give the Commodities Futures Trading Commission control over digital assets like bitcoin
elements of a sweeping bill from senators on crypto regulations Senators said Friday that Kirsten Gillibrand and Cynthia Lummis could be on President Joe Biden’s desk for a signature within the next six months.
Lummis stated that he thinks in six months they will actually see at least part of it on the president’s desk.
In June, Lummis and Gillibrand introduced their long-awaited digital asset legislation. Lummis, a Republican from Wyoming, and Gillibrand, a Democrat from New York, both support the bill.
Gillibrand is a New York Democrat
Gillibrand stated that part of the bill that would give authority to the Commodities Futures Trading Commission over digital assets considered commodities is “ready” to proceed.
Lummis said a portion of the bill dealing with stablecoins would likely “move forward” in Congress, echoing Gillibrand’s assessment.
The two spoke in a pre-recorded session that aired at a financial conference in Washington, DC, hosted by the McDonough School of Business at Georgetown University. The timeline for the digital asset bill is ambitious.
Ahead of the mid-term elections in November, legislators are busy campaigning in their respective districts. A new Congress will convene in January, just a few weeks later.
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Framework for digital assets would pass the Senate with broad bipartisan support.
In addition, another bipartisan bill authored by Senate Agriculture Chair Debbie Stabenow, D-Mich., to expand the CFTC’s authority over digital commodities, and Sen.
John Boozman, the committee’s top Republican, could vote on a committee in Congress that remains.
In addition, Gillibrand stated that she expects widespread bipartisan support in the Senate for a regulatory framework for digital assets.
In the end, sixty to seventy percent will support the regulations. Gillibrand stated that he did not think there was much opposition. It is not ideological; instead, it is just an expanding, unregulated industry in our nation.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
