Crypto Bill Backlash: Senators Warn Stablecoin Act Isn’t Safe

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....

A bipartisan team of US senators is introducing a bill to clarify what entities should report cryptocurrency transactions to the IRS.

Two U.S. senators have introduced a bipartisan bill aimed at improving the oversight of cryptocurrency. The bill requires the Treasury Secretary to submit a report to Congress on cryptocurrencies and their competitiveness globally, including how other countries are using and mining them as well as their impacts on supply chains. New Bill Introduced to Improve Oversight of Cryptocurrencies and Their Uses Globally Senator Maggie Hassan, a member of the Senate Homeland Security and Governmental Affairs Committee, and Senator Joni Ernst introduced legislation on cryptocurrency....

The two U.S. Senators said the downfall of FTX clearly exemplified “the need for greater federal oversight of the digital asset industry.” United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse.For a short time, the cryptocurrency community wasn’t sure how the senators would respond to the FTX crisis — as the DCCPA bill is understood to have been strongly supported by FTX CEO Sam Bankman-Fried.But the members of the U.S.....

Five U.S. senators have been working with the Treasury Department and have come up with a compromise crypto amendment to the $1.2 trillion infrastructure bill. “We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” Senators, Treasury Department Agree on Compromise Amendment for Crypto Reporting Requirements The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Monday that Senators Pat Toomey (R-Pa,) Mark Warner....