Cynthia Lummis, the creator of the Lummis-Gillibrand Crypto Bill, has said that the non-crypto-versed senators may have a hard time understanding and digesting the new crypto bill.
The major bipartisan crypto bill, which is led by the senators of the US, Kirsten Gillibrand (Democrat) and Cynthia Lummis (Republican), might be in action from the start of the next year. The duo, in their interview in a Crypto Summit in Bloomberg last Tuesday, has revealed some glimpses of the new bill.
A New Lummis-Gillibrand Crypto Bill Set To Be In Action From The Start Of Next Year
The duo hasn’t forgotten to mention that some areas in the bill can start to work from this year with different legislation. Gillibrand, the co-creator of the Lummis-Gillibrand Crypto Bill, has also mentioned that a fellow senator from the Democrats and a member of the Republicans, namely Debbie Stabenow and John Boozman, are also working on another bill that will propose the main regulators for crypto.
The main goal of the Lummis-Gillibrand Crypto Bill is to categorize digital assets as commodities, thus, making them fall into the CFTC law jurisdiction. Cynthia has also stated that a part of this bill is specifically focused on the regulations of those stablecoins that any financial institutions issue. It can also fall into a different bill from the banking committee.
Even though the duo knows and understands that the bill will not be in action till early 2023, and it might take the whole year to get proper attention, they think that the senators and lawmakers should start realizing that they should get their consumer protection perfectly in place.
Political experts, however, suggest that these comments were solely based on the recent bankruptcy proceedings of crypto lending firms.