Lummis-Gillibrand crypto bill likely deferred to next year
The major bipartisan crypto bill led by U.S. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) will most likely be deferred to next year according to the duo.
Speaking during Bloomberg’s Crypto Summit on July 19, the Senators stated that there is a slim chance that the comprehensive bill would be pushed through the Senate this year, with Lummis noting that:
The Responsible Financial Innovation Act was introduced in the U.S. Senate on June 6 and aims to address the role of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) when it comes to crypto regulation, along with stablecoin regulation, banking, tax treatment of digital assets and interagency coordination.
The pair however noted that there may be specific areas of their bill that could make it through this year via other legislation, with Gillibrand highlighting that fellow Democrat Senator Debbie Stabenow and Republican ranking member John Boozman are working on a bill proposing the CFTC as the key regulator for crypto.
The bill rolls in certain parts from the Lummis/Gillibrand legislation in relation to most digital assets being classified as commodities, and therefore falling under CFTC jurisdiction.
Lummis also noted that the part of their bill focused on the regulation of stablecoins issued by financial institutions could also be rolled into another bill from the banking committee and voted on this year.
The senators noted that they have seen a relatively positive response to the bill from both sides of the political spectrum.
“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 agg
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