JUST IN: U.S. Senators Cynthia Lummis (SenLummis) and Kirsten Gillibrand (SenGillibrand) have unveiled their long-awaited crypto bill, hoping to create clarity for the sector through a comprehensive regulatory regime. jesseahamilton reports
A wide-reaching, bipartisan crypto bill finally emerged Tuesday from U.S. Senators Cynthia Lummis and Kirsten Gillibrand , who are seeking to extend a comprehensive set of regulations across digital assets in the U.S. and have given industry lobbyists something meaty to debate.
However, the effort from Lummis and Gillibrand is seen in Washington as a starting point for a dialogue that won’t lead anywhere significant before next year. It joins several previous bills that mostly sought to bite off narrow pieces of the cryptocurrency landscape, such as the recent push for stablecoin rules by Senator Pat Toomey . It even borrows from some of that work.
These are some of the main features of what Gillibrand described as a “landmark bill” that “will provide clarity to both industry and regulators, while also maintaining the flexibility to account for the ongoing evolution of the digital assets market”: It also gives “needed legal clarity” in how to handle customer holdings after the recent furor over customers’ tokens getting roped in with an exchange’s assets in the event the company goes bankrupt – a worry that erupted after Coinbase suggested it as a possibility in a recent Securities and Exchange Commission filing. The Biden administration hasThe Lummis-Gillibrand effort also adopts language from a bill last year from Rep.
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