Pieces of the crypto bill could pass in six months

• Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., claim that a portion of their crypto regulation bill could be enacted within the next six months
• Lummis is a Republican from Wyoming
• They said that the first part of the bill that might move would give the Commodities Futures Trading Commission control over digital asset commodities like bitcoin

elements of a comprehensive bill by Senators on crypto regulations senators said on 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 actually will see at least part of it on the president’s desk.

In June, Lummis and Gillibrand presented their eagerly anticipated legislation regarding digital assets. 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 a section of the bill that would grant authority to the Commodities Futures Trading Commission over digital assets regarded as commodities is “ready” to proceed.

Lummis said that a portion of the bill that deals with stablecoins would probably “go next” in Congress, echoing Gillibrand’s assessment. 

The two spoke in a prerecorded session that aired at a financial conference in Washington, D.C., hosted by the McDonough School of Business at Georgetown University. The digital assets bill’s timeline is ambitious. 

In advance of the midterm elections in November, lawmakers are busy campaigning in their respective districts. A new Congress will convene in January, just a few weeks later. 

ALSO READ:  Efficiency updates to FTX announced by Sam Bankman-Fried 

Framework for digital assets would pass the Senate with broad bipartisan support.

Additionally, 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 the Congress that remains.

In addition, Gillibrand stated that she anticipates widespread bipartisan support in the Senate for a regulatory framework for digital assets.

In the end, the sixty-seventy percent will support the regulatory framework. Gillibrand stated that he doesn’t think there was a lot of opposition. It is not ideological; instead, it is merely 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 monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)