Sen. Cynthia Lummis (R-Wyo.) presented plans at an Axios virtual event to release bipartisan legislation that creates a framework for regulating digital assets. Lummis in an Axios virtual event focused on the future of crypto adoption.
- The virtual event, on the future of crypto adoption, also featured Tomicah Tillemann, global policy director at venture capital firm Haun Ventures.
Why is this important: Crypto is a $1.8 trillion industry, but it currently operates in murky regulatory waters. The legislation Lummis discussed aims to remove the ambiguity.
Details: Sense. Lummis and Kirsten Gillibrand (DN.Y.) are expected to release the bill as early as this month.
- The bill will be presented as a complete piece of legislation, Lummis said, “so people can see the big picture, how commodity components work with securities components, with stablecoins, and with a CBDC. potential”.
- But she notes that the bill will likely be split into five or six separate parts that will be considered by the relevant committees — so the CFTC piece will go to the AG committee, the securities component will go to the banking committee and the tax component will go. to the finance committee.
The plot: Despite a 50-50 split in the Senate, Lummis says she’s confident a crypto bill can pass because “digital assets are a nonpartisan issue.”
- “We find that this is an area where we see a lot of commonalities among members that maybe on a partisan basis you wouldn’t do together that way. We’re going to have a very bipartisan approach. of this question,” she says.
Note: the meaning Tillemann de Haun agreed that regulators are starting to take crypto seriously.
- “If you had asked me 12 months ago what the state of the Union was on this issue, I would have said that we are in a race to build the future of the internet…and the United States- United are not just losing it, but most of our decision makers are even aware that a race is on.” he said at the event. “That changes now.”