New York Senator Kirsten Gillibrand Joins Rep. Senator Cynthia Lummis’ Crypto Bill Proposal

Washington and the broader electorate in the United States are sharply divided along partisan lines. But there may be scope for finding common grounds with regard to the upcoming crypto bill.

Republican Senator and long-time Bitcoin supporter Cynthia Lummis has received support from New York Senator Kirsten Gillibrand for the much-awaited crypto legislation. A member of a Democratic Party, Gillibrand, has revealed working with Lummis on the drafting of the bill that is expected to drop in the next several weeks.

• At an event hosted by Politico and sponsored by New York-based crypto services giant Grayscale, the duo said the bill will encompass banking, taxes, privacy, and consumer protection, among other issues.
• Gillibrand announced that the lawmakers are creating a “broad-based regulatory framework for how this industry should potentially be regulated in the future.”
• The Senator also noted that some aspects of the industry will be regulated by the Commodity Futures Trading Commission (CFTCF), while others will be overlooked by the Securities and Exchange Commission (SEC).
• Gillibrand stated,

“Many of the goals that Sen. Lummis and I have are identical – we want to address things like safety and soundness, we want to address consumer protection, we want to address certainty for markets.”

• If the bill passes, it would be a major bipartisan attempt to roll out a comprehensive framework for the country’s regulation of the cryptocurrency and digital assets industry.
• Democrats have earned the reputation for being hostile towards crypto as it continues to take cues from tech-adverse figures that have set up regulatory barriers. However, backing from Democratic senators is not only expected to accelerate the legislative, but it could also potentially help the party move away from the leadership known for its anti-crypto rhetoric.

Featured Image Courtesy of Syracuse