A PUSH BY REPUBLICAN SENATOR
New York Senator Kirsten Gillibrand said on Thursday she was working with a Wyoming attorney to introduce the law in the next few weeks. The bill will address a number of issues, including banking, taxation, privacy, and consumer protection, the two said during a Politico-organized event in Washington.
“The work we are doing will be a comprehensive and in-depth review of the various components of the sector,” Gillibrand said.
Gillibrand is a member of the Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission. Lummis sits on the Banking Committee - the governing body of the Securities and Exchange Commission, which shares authority over crypto assets with the CFTC.
SEC Chairman Gary Gensler said he thinks most cryptocurrencies are securities that should comply with his agency's rules. Meanwhile, CFTC Chairman Rostin Behnam said his agency, which oversees the export markets primarily, was ready to take on the expanded role of regulating digital finance.
The new law comes after President Joe Biden earlier this month instructed US government agencies to scrutinize crypto issues, including stablecoins and possible digital banking. Lummis and Gillibrand said their bill would address those issues.
Under this program the CFTC will receive additional powers, as the SEC continues to participate. The bill will not seek to change the legal tests used by agencies to determine which administrator has the authority, lawmakers said.
The bill will also change the definition of a crypto trader, the marker responsible for tax reporting requirements since the adoption of the infrastructure bill last year. Proponents of digital assets have argued that the current label is widely defined.
"I think we might be able to get a vote, maybe by the end of the year," Gillibrand said, referring to the bill.