The Lummis-Gillibrand bill has attracted criticism from GaryGensler
The Gillibrand-Lummis bill, which was introduced in early June, would classify the lion’s share of cryptocurrencies as commodities. This would put crypto under the purview of the Commodity Futures Trading Commission , which is more lenient toward the industry.
The hotly-anticipated bill includes safeguards for cryptocurrency customers and stringent requirements for stablecoin issuers. The bill is highly unlikely to pass this year since it would have to make it through several relevant committees before the Senate will be able to hold a full vote on the legislation.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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