The bipartisan duo will introduce a revised version of their sweeping regulatory overhaul for digital assets.
Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., will introduce a revised version of their comprehensive crypto regulatory bill.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., will introduce a revised version of their comprehensive crypto regulatory bill Wednesday.
The revised version of the bill would expand the Commodity Futures Trading Commission’s power over spot markets and centralized digital asset exchanges, and would give “crypto asset companies” the power to define assets they create on their own terms. The bill would also redefine custody rules for digital assets that qualify as securities. A “commercially reasonable” level of cybersecurity for a private key could satisfy part of the existing rule around custody.
If passed into law, the bill would also appropriate an additional $500 million each to the CFTC and SEC, but the SEC would be prohibited from using those additional funds for enforcement, and the CFTC could only access theirs if the agency charters a crypto-specific self-regulatory organization. The Federal Trade Commission, which holds authority over false advertising, would also be appropriated $150 million over five years for consumer education and enforcement relating to digital assets.
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