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The work we’re doing is going to be a very complex: US Senators

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Two U.S. senators are working on a bipartisan, broad-based regulatory framework for cryptocurrency. “The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry,” said one of the senators.

U.S. Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are working together on “a broad-based regulatory framework” for how the crypto industry should be regulated, they explained Thursday at a Politico Live event.

The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry.

She said that some will be regulated by the CFTC [Commodity Futures Trading Commission], while others will be regulated by the SEC [Securities and Exchange Commission].]

Some will be regulated by the CFTC [Commodity Futures Trading Commission], while some will be regulated in accordance with the SEC [Securities and Exchange Commission].]

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Others will be regulated by the SEC [Securities and Exchange Commission].

We intend to have a regulator commission that can examine these issues and give guidance and make decisions and make them,”

Gillibrand stated that the senators are in contact with regulators and industry experts, “so all voices can be part of this legislative process.”

Senator Lummis was asked whether the CFTC will have a greater role under the new crypto framework. She replied:

The answer is definitely yes. When you look at bitcoin and ethereum in particular, it’s pretty clear to me that those are commodities.

Lummis stated that the CFTC will play a crucial role in regulating crypto. She also noted that the SEC would also be a major player in this space.

The work we’re doing is going to be a very complex: US Senators

The work we’re doing is going to be a very complex: US Senators

Wyoming senator pro-bitcoin, however, clarified that not all cryptocurrencies are commodities, as there are over 18,000 currently. 

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“So, we’ll continue to use the Howey Test from 1940s that helps us define what’s security and what’s commodity.”

She clarified that the bill will address stablecoins as well central bank digital currencies (CBDCs), “to a smaller extent.”

Senator Gillibrand stated that “Many goals Senator Lummis has and I have in common.” 

We want to focus on safety and soundness. We want to protect consumers. We want certainty for the markets.

In terms of when the bill is expected to be introduced and whether it has any chance of being passed this year, Senator Gillibrand said she and Senator Lummis will continue to work on the bill “over the next several weeks,” adding:

We want to continue to listen to stakeholders to make sure that we can at least foresee as many of the challenges that this regulatory framework might have.

The senator from New York noted that the process had been “extremely fruitful” and “helpful” so far.

He stated, “I believe we will present it in the next few weeks and I think maybe we can get a vote maybe before the end of this year.”

Senator Lummis stated that although the bill could be presented as a single piece, it could be broken up into five to six pieces to address different topics. She ended:

I’m really optimistic … We’re looking forward to rolling out a piece of legislation.



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