Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming are working together on a cryptocurrency regulatory framework bill.
According to the two senators, the law’s features are still being changed, and it will serve as a key regulatory framework bill for how the crypto business will be controlled in the future. The bill’s details were not revealed, but the two senators stated that it would not modify the Securities and Exchange Commission’s current definition of security.
Although no specifics have been released, Lummis and Gillibrand have stated that the measure would not affect any securities definitions used by the Securities and Exchange Commission.
“That is not our bill’s aim,” Gillibrand stated. “We’ll use current criteria and definitions to arrange various sorts of merchandise in various locations.”
According to Gillibrand, it would also feature a permanent committee that will make decisions as the business evolves and parameters shift. In December, reports came about Lummis’ yet-to-be-filed legislation, which would create a new body overseeing the digital asset market under the combined authority of the Commodity Futures Trading Commission and the Securities and Exchange Commission, among other things.
Lummis and Gillibrand claimed at the Politico event that their measure would provide the CFTC additional resources to oversee the crypto sector. The law aims to allay concerns raised by the recently enacted infrastructure bill, tightening crypto tax reporting requirements. That bill includes a contentious definition of a broker, leaving some in the dark about which organizations would be obligated to submit user data. The next bill, according to Lummis, defines the broker term.
According to Gillibrand, the measure will be submitted in the coming weeks. At that point, it would go through the standard committee procedure, including hearings and suggested modifications.
Gillibrand is looking forward to going through a regular order this year when the committee holds a hearing.
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