Lummis and Gillibrand crypto bill expected to be introduced this week in US Congress

Lummis and Gillibrand crypto bill expected to be introduced this week in US Congress

Lummis and Gillibrand crypto bill expected to be introduced this week in US Congress For DailyBitcoin Editor

United States Senators Cynthia Lummis and Kirsten Gillibrand could present the latest bill that seeks to regulate the cryptocurrency industry in their country very soon.

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  • The Lummis and Gillibrand bill, which seeks to regulate the cryptocurrency industry in the United States, will be introduced this week, according to reports.
  • Lummis believes that the US crypto industry, which moves more than USD $1.8 trillion, must have a regulatory framework that protects users without hindering innovation.
  • Lummis and Gillibrand will be at the event today DC Blockchain Summit Talking about the subject.

The account of Twitter Bitcoin Archive woke up today with this news:

LAST MINUTE: Senator Lummis will present the regulatory framework for Bitcoin.

Since the beginning of the month, there has been talk of the imminence of the presentation of the Lummins and Gillibrand crypto bill to the United States Congress. It is worth remembering that the senator for the state of Wyoming and a great lover of BitcoinCynthia Lummins had ratified last March that in 2022 she would present the bill that she had announced in December 2021.

Cynthia Lummis, United States Senator from the state of Wyoming and one of the congresswomen who most defends Bitcoin, has been working for some time on this legal project that, he says, will help the country to clarify regulatory uncertainty. This bill also has the support of Democratic Party Senator Kirsten Gillibrand.

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Earlier this month, in an interview with the media Axios, Lummis said that the project adapts the legal framework so that cryptocurrencies and traditional assets fall under similar regulatory categories.

“We have designed it to work within the usual framework of traditional asset management and regulation. So, for example, Bitcoin is a commodity. Therefore, it would fall under the Commodity Futures Trading Commission for trading purposes and the spot market and futures market. And then when something fits the Howey test, that makes it a security, it would fall under the Securities Exchange Commission.”

Will not include NFTs

He added that the project will be presented “As a great piece for people to see the big picture, how the commodity components work, with the equity components, with stablecoins and with the potential CBDC (central bank digital currency).”

Furthermore, Lummis emphasized that the lack of guidance from Congress on the issue of cryptocurrencies and decentralized technologies has led to regulatory agencies, such as the Securities and Exchange Commission, SEC, have to make decisions on the fly. This should change once this law is passed.

In the interview he also clarified that the NFT will not be addressed in the bill because for now “It’s very difficult to figure out how to categorize them.” However, he hopes that regulatory agencies will help understand where these new digital assets should fit.

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at an event today

Also, during an event in the AmericanEnterprise Institute, Based in Washington, Senator Lummis, of the Republican Party, spoke about what will be her bipartisan bill for cryptocurrencies. At the event, she expressed that both she and Senator Gillibrand have been studying the legal loopholes that exist to regulate crypto assets in current regulations and laws.

Also, during an interview at the beginning of the month in the Axios media, Senator Lummis advanced some of the possible solutions that she is proposing in her proposal, in order to guarantee financial stability, development and innovation, without risking the security of the investors.

Surely today May 24, at the event DC Blockchain Summit, organized by the Digital Chamber of Commerce, the senators will also speak on the subject. They will be present at the panel titled “Cryptoconsensus: Bringing Bipartisanship to Blockchain.”

At the official presentation of the bill, which some media say will take place this week, Senators Lummis and Gillibrand will show the final wording of their legal proposal. However, on the other hand, some sources they have said that the presentation will not be this week, but that it will be on June 7 when the bill is formally presented.

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According to reports from last year, the senator is also the holder of Bitcoin and in October 2021 he had around USD $100,000 in BTC, which must have been reduced by about 50%, since the price when he gave the information was approximately USD $60,000 per Bitcoin.

Sources: Twitter, cryptopotato, bit2me, Axiosarchive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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