Senators Lummis and Gillibrand Unveil Second Draft of Crypto Bill
Senators Cynthia Lummis and Kirsten Gillibrand have released an updated version of their comprehensive crypto regulation bill. While the chances of it becoming law are slim, the bill could shape the conversation around digital asset legislation in Congress.
Main Points:
- The new draft builds on a previous version introduced a year ago.
- The bill addresses decentralized finance, anti-money laundering provisions, and custody rules.
- It grants the CFTC more authority over crypto issuers and limits the SEC’s role.
- The bill could still drive the conversation in Congress even if it doesn’t become law.
- The bill addresses key issues such as defining crypto assets under commodities law and introducing a de minimus tax exemption.
Hot Take:
While the bill may not have a high chance of becoming law, its comprehensive nature and inclusion of important provisions could influence future legislation. The biggest hurdle remains the appetite of fellow lawmakers for passing crypto-specific laws. However, the bill’s introduction may lead to discussions and debates on various provisions, shaping the future of crypto regulation in the U.S.
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