US Senator Kirsten Gillibrand Pushes for Better Crypto Regulation
US Senator Kirsten Gillibrand is making efforts to garner support from her fellow Democrats for legislation that aims to increase regulatory clarity for cryptocurrencies. In an interview with Fortune, Gillibrand expressed hope that her bipartisan cryptocurrency bill can be heard by a key senate committee.
Background of the Bill
Gillibrand introduced the bill last year alongside Republican Senator Cynthia Lummis of Wyoming. The proposal aimed to provide regulatory clarity for digital assets but faced setbacks after the FTX scandal. A revised version of the bill was announced in July.
Gillibrand’s Bipartisan Approach
Gillibrand acknowledges that Republicans in Congress are generally more supportive of crypto than Democrats, but she believes this shouldn’t be a partisan issue. She is actively working to change this perception and hopes that through dialogue and sharing the ideas in their bill, it will gain bipartisan support.
Challenges and Compromises
The Senate Banking Committee, which plays a crucial role in shaping crypto regulations, includes anti-crypto senators such as Elizabeth Warren and Chair Sherrod Brown. Gillibrand reveals that she is engaged in discussions with Brown to reach a compromise and have their bipartisan bill, known as the Responsible Financial Innovation Act of 2023, considered by the committee in spring next year.
Key Provision: Defining Digital Assets as Commodities
A significant provision of Gillibrand’s bill is the clear definition of most digital assets as commodities. This would place oversight responsibility on the US Commodity Futures Trading Commission (CFTC).
Hot Take: Gillibrand’s Push for Bipartisan Crypto Regulation
US Senator Kirsten Gillibrand is actively working to bridge the gap between Democrats and Republicans when it comes to crypto regulation. Her efforts aim to increase regulatory clarity for cryptocurrencies through a bipartisan bill. Despite facing challenges from anti-crypto senators, Gillibrand is in discussions with key figures to find compromises and have the bill considered by a crucial senate committee. One of the bill’s central provisions is the definition of digital assets as commodities, placing oversight under the CFTC. Gillibrand’s push highlights the importance of bipartisan support and collaboration in shaping effective crypto regulations.
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