Senators Kirsten Gillibrand and Cynthia Lummis claim that parts of their proposed crypto regulatory measure could become law within the next six months. They predicted that the first part of the bill to move would be the provision giving the Commodities Futures Trading Commission power over digital asset commodities like bitcoin.
The long-awaited legislation on digital assets from Lummis and Gillibrand was published in June. Democrat Gillibrand of New York and Republican Lummis of Wyoming co-authored the legislation. The senators stated Friday that parts of the proposed comprehensive crypto regulatory measure might be on President Joe Biden’s desk for signature within the next six months.
Gillibrand went on to say that she anticipates wide general acceptance for a regulatory framework for digital assets to be approved by the Senate. She asserted that roughly 60% to 70% will ultimately favor the regulation framework and that she doesn’t believe there is much political resistance since it’s not ideological; instead, it is simply an unregulated business expanding within the nation.
The stablecoin legislation, according to Senator Lummis, is likely to “go next” in Congress. The two exchanged words during a pre-recorded session broadcast at a financial conference held in Washington, D.C., by the McDonough School of Business at Georgetown University.
The senators’ aggressive timetable for passing the digital assets bill is encouraging. However, legislators are busy campaigning in their districts ahead of the midterm elections in November. A new Congress will take office in January, which is only a few weeks away.
Senator John Boozman, the top Republican on the Senate Agriculture Committee, and Senator Debbie Stabenow, a Democrat from Michigan, drafted a second bipartisan bill to give the CFTC more authority over digital commodities. This bill may come up for a committee vote in the time left of this Congress.