A New Crypto Bill Likely in Senate by April

Image Source: EB (1.1)

During her testimony before the Senate Agricultural Committee on March 8, Senator Gillibrand disclosed the next draft outline.

The Commodities Futures Trading Commission (CFTC) oversight was the topic of conversation at the hosted event.

During her speech (1), the American politician brought up an earlier version of the crypto law that she and Senator Lummis had previously prepared together. She inquired about the chairman of the CFTC, Rostin Behnam, and his thoughts on the law.

In July 2022, the two senators presented a detailed legislative plan with the intention of regulating digital assets. The proposal was thorough. The law, which focuses on future roles in the process of regulating the cryptocurrency industry, is called the “Responsible Financial Innovation Act.”

The draft also encourages companies dealing in digital assets to be upfront with their consumers and offer them explicit information to provide customers with the ability to make educated choices.

Crypto is Commodity

The majority of digital assets were also intended to be categorized as commodities under this bill.

The proposal put forward by the senators was also distinct from the widespread consensus that the SEC ought to be in charge of regulating cryptocurrencies. Gillibrand and Lummis thought that the CFC ought to be given responsibility for digital assets.

According to Senator Gillibrand, the subsequent draft of the cryptocurrency bill will be accessible in the month of April, more particularly around the middle of the month.

She added that the goal is to give a venue for a public dialogue on how to take a holistic approach to digital assets. This discussion is intended to take place at the national level.

“To ensure that digital assets with the characteristics of securities are subject to regulation by the SEC; to ensure that assets with the characteristics of commodities are subject to regulation by the CFTC; to ensure that the OCC can supervise stablecoins; and to ensure that there are tax provisions for the entire industry.”

The head of the CFTC offered some commentary on the draft cryptocurrency legislation that is scheduled to be released around the middle of April.

He says the most current draft demonstrates that the senators “seriously and methodically analyzed all components of the market.”

In particular, the senators took into consideration cybersecurity and stablecoins.

In March 2022, representatives Gillibrand of the Democratic Party and Lummis of the Republican Party collaborated on a crypto bill, the most recent draft of which is scheduled to be made public in April.

It is yet unknown whether or not the new Congress would support the law, despite the fact that it is a collaborative effort amongst members of both parties. On the other hand, if the plan is accepted and becomes law after being signed, it will direct digital assets. Also, it will shed light on the regulation of cryptocurrencies.

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