United States Senator from New York Kirsten Gillibrand revealed that she worked with Senator Cynthia Lummis on a broad-based regulatory framework for the crypto industry on Thursday during a live event in Washington, DC
As Gillibrand specified, she and Lummis are conducting “a very complex and intensive review” of different aspects of the industry, with a future regulatory task in mind. The framework will see both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) get their share of a regulatory mandate.
Speaking of his and Lummis’s motivations for taking the initiative, Gillibrand said:
“A lot of the goals that Senator Lummis and I have are identical: We want to address things like safety and robustness, we want to address consumer protection, we want to address certainty for markets.”
It’s hard to overstate the symbolic importance of the Lummis-Gillibrand initiative. In recent months, digital assets have become increasingly politicized, and some observers fear it will eventually become a divisive partisan issue.
Senator Lummis has earned a reputation as a strong advocate for financial innovation, while Senator Gillibrand has largely refrained from articulating her stances on digital currencies until recently.
In December 2021, Lummis announced the introduction of a crypto bill that would provide regulatory clarity on stablecoins, offer consumer protection, and categorize different digital assets. Along with the ad did a call for bipartisan cosponsors, which, as can now be said, has caught the attention of Senator Gillibrand.
The bipartisan legislative push comes weeks after US President Joe Biden signed his executive order on digital assets, directing various federal agencies to produce a series of reports on digital assets.
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