Bill to Integrate Cryptocurrencies Into Financial Systems: Senator Lummis
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Earlier on March 9, she announced through her Twitter handle and stated she was working on the bill's final tweaks with important Senate allies and partners and that it was "nearly ready":
"It's been a long time coming, but my bill to fully integrate digital assets into our financial system is almost ready! I'm putting the final touches on it with some key advocates and partners in the Senate, but watch out for an unveiling soon!"
Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.), who spoke at Consensus 2022 in June, has been working on bipartisan legislation for months and have stated they expect to make it public in June. This date has been pushed back in recent months. On Tuesday, the two were on a panel together at the DC Blockchain Summit.
"We are truly committed to creating the type of baseline and framework legislation that will allow this industry to grow, allow it to flourish. The best thing we can do for all these businesses is [to] bring clarity," said Gillibrand.
Commodity Futures Trading Commission (CFTC)
The bill would put the Commodity Futures Trading Commission (CFTC) in charge of spot markets and futures while leaving the Securities and Exchange Commission (SEC) in order of crypto, which can be defined as securities under the so-called Howey Test – specifically, an asset that's "being offered to fund a company in the same way stocks are offered to fund companies." According to the law, Crypto mining would also be exempt from broker-dealer regulations.