Senators Lummis and Gillibrand are breathing new life into the bipartisan conversation on crypto on Capitol Hill.
. The Lummis-Gillibrand bill departs from McHenry-Thompson on several key points. But perhaps the biggest difference between the two proposals isn’t policy—it’s bipartisan support.
So what’s in the Lummis-Gillibrand bill? And how is it different from the 2022 version? Here are three facts you need to know:The 2022 version of the Lummis-Gillibrand bill was picking up significant momentum in the last Congress—but the implosion of crypto exchange FTX put the proposal on ice. The FTX debacle underscored the need to bulk up customer protections. To that end, the new version of Lummis-Gillibrand puts retail investors front and center by aiming to prevent another FTX.
Many cryptocurrencies occupy a regulatory no man’s land, displaying properties of both securities and commodities. Lummis-Gillibrand recognizes this fact and seeks to bring clarity to the industry by creating a new classification status for certain cryptos—“ancillary assets.” At the same time, the bill recognizes the utility of payment stablecoins and their potential to reduce friction in the dollar economy.
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