Law Decoded, June 7–13: Lummis-Gillibrand bill is finally here
Senators confirmed that Bitcoin and Ether will be classified as commodities and regulated by the CFTC. One can hardly name a document more long-hoped-for as the crypto bill, co-sponsored by United States Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, was for the crypto community. And, it’s finally here. Last week, Lummis and Gillibrand introduced a 69-page bill in the U.S. Senate. What’s inside? The projects of study on the environmental impact of digital assets and advisory committee on innovation, a tax structure, a mandate for analysis of the use of digital....
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Senator Cynthia Lummis said that non-crypto-versed Senators will need some time to understand and digest the proposals. The major bipartisan crypto bill led by U.S. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) will most likely be deferred to next year according to the duo. Speaking during Bloomberg’s Crypto Summit on July 19, the Senators stated that there is a slim chance that the comprehensive bill would be pushed through the Senate this year, with Lummis noting that: “I think both Kirsten and I believe that the bill, in one piece, as a total bill is more likely....
The senators introduced new approaches to familiar questions concerning digital assets and decide how to divide regulatory responsibilities. It was first reported before Christmas that Wyoming Senator Cynthia Lummis planned to introduce a comprehensive crypto regulation bill. The Republican Lummis was already known for her pro-crypto stance and announced right away that she was looking for a Democratic co-sponsor. New York Senator Kirsten Gillibrand, who had not previously been known to have a strong position on cryptocurrency, was named as the co-sponsor in March. The highly awaited....
The bipartisan Lummis-Gillibrand overhaul legislation has been introduced – here’s everything you need to know about the Bitcoin and crypto bill.
Senator Cynthia Lummis has won support from a Democrat senator for her new digital asset bill. United States Senator from New York Kirsten Gillibrand revealed working with Senator Cynthia Lummis on a broad-based regulatory framework for the crypto industry on Thursday during a live event in Washington, D.C. As Gillibrand specified, she and Lummis are undertaking “a very complex and intensive review” of different aspects of the industry, with a future regulatory task-sharing in mind. The framework will see both the Commodity Futures Trading Commission (CFTC) and Securities and Exchange....
“Most cryptocurrencies go to the SEC [...] Bitcoin and Ether would be certainly commodities, and that's agreed upon,” said the U.S. Senator from New York Kirsten Gillibrand. Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities. Lummis and Gillibrand both agreed with Securities and Exchange Commision Chair Gary Gensler’s assessment that most cryptocurrencies are securities under the Howey test with Gillibrand....