The bipartisan bill addressing cryptocurrencies comprehensively has finally made its way to the US Congress.
- Lummis and Gillibrand officially introduced the crypto bill.
- Four Senate Committees will initially discuss the proposal.
- A final vote on the project could come in 2023.
The long-awaited bill that seeks to completely change the way digital currencies are regulated in the United States finally sees the light of day.
US Senators Cynthia Lummis and Kirsten Gillibrand announced this Tuesday the official presentation of his bipartisan bill for crypto regulation before the US Congress. Named “Responsible Financial Innovation Law“, the legislative project represents the most comprehensive effort by Washington to date to legislate the cryptocurrency industry.
Historic bill in the US
The comprehensive and far-reaching bill seeks to address the key issues of cryptocurrencies, including the establishment of a clear standard for the classification of these assets, an issue that will clarify their taxation and the role of federal agencies in their regulation; in particular, from the Securities and Exchange Commission (SEC) and the Commodities and Futures Commission (CFTC).
In words from Senator Lummisthe package “would address CFTC and SEC jurisdiction, stablecoin requirements, and the treatment of digital assets for tax purposes, [que]would ultimately bring about more flexibility, innovation, consumer protection, and transparency while bringing more certainty and clarity to the growing digital asset industry“.
The bill, which was initially announced by Lummis in December of last year, is proclaimed as a historical framework that will allow the new asset class to be incorporated into the traditional financial system for the first time. “We are trying to adapt the world of digital assets to our current regulatory framework“, explained the senator in an interview with SquawkBoxof CNBC.
“We’re trying to fit the digital asset world into our current regulatory framework,” he says @SenLummis on passing new #crypto legislation in Congress. “There will be 4 committees involved in this bill. We’ll want to sort out how the bill can be divided throughout the committees.” pic.twitter.com/2RwLNzT2xw
— Squawk Box (@SquawkCNBC) June 7, 2022
Lummis, who is a Republican who has publicly advocated for the adoption of Bitcoin, has been working alongside Democrat Gillibrand for the past few months to develop the legislative framework. “The most important objective of this legislation was to create transparency, accountability and certainty“, assured Senator Gillibrand in the same interview.
Regulation is necessary. You need to make sure you have consumer protections. You need basic traffic rules and that’s what this bill does.
Senate to discuss framework for crypto regulation
The bill, which reaches the hands of US lawmakers for the first time today, is scheduled to go through the initial review of four Senate committees. With Lummis and Gillibrand holding top positions on two of those committees, CoinDesk points out that the senators are “well placed to help guide key pieces of legislation“.
However, a report from Crypto Briefing He adds that the legislative project has little chance of being approved in the Senate in its current form. Beforehand, it’s likely to spark much-needed debate on the issues it encompasses between lawmakers, industry experts, stakeholders, and lobby groups on opposing sides of the discussion.
Gillibrand said in a previous interview that he is optimistic about the framework and that he hopes it can be voted on by 2023 at the latest.
The presentation of the official landmark framework document to the US Congress comes shortly after a draft was leaked online, presumed to be the official draft. It should be noted that this file had 70 pages, while the document presented by Lummis has 69. You can read the official bill here.
Article by Hannah Estefanía Pérez / DailyBitcoin
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