Senator Gillibrand Rallies Democrat Colleagues to Adopt Digital Assets Regulation
Senator Kirsten Gillibrand is in talks with her Democrat colleagues in the Senate to support cryptocurrency regulation amid speculations of a government shutdown.
Speaking at the Mainnet Conference on Sept 22, Gillibrand noted that she is on track to convince her party members to embrace more digital asset regulations to move it from a partisan to a bi-partisan approach.
“ I don’t think it has to be a partisan issue. I’m optimistic that through conversation, and through socialization of the ideas that are in our bill, it will become more bipartisan.”
According to her, the Senate Banking Committee is key to setting a huge milestone in a sector that remains uncertain in terms of legislation leaving investors at risk.
In partnership with crypto skeptics like Senator Elizabeth Warren and Senator Sherrod Brown, the chairperson of the Senate Banking Committee she hopes to achieve a vote on the bill by the end of this Congress.
Gillibrand is among few Democrat lawmakers that continue to push for virtual assets regulations in the United States following similar global efforts.
Although full-scale digital asset regulation in the US is still described as a long shot, Sen. Cynthia Lummis and Gillibrand have rolled out a new crypto bill to create a template for digital asset regulation.
The Responsible Financial Innovation Act seeks to relegate the role of the Securities and Exchange Commission (SEC) as it will describe most crypto assets as commodities placing them under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
The duo hopes to make the perfect bi-partisan attempt for this bill to scale through after last year's issues triggered by the collapse of the Terra network and the infamous implosion of FTX.
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