Are Lummis & Gillibrand bringing a new crypto Bill?

Before those recent efforts, though, Lummis and Gillibrand had carried the legislative hopes of much of the crypto industry when they’d introduced the first version of their bill in 2022, some of which found echoes in later legislation.

What is Lummis-Gillibrand 2.0?

Now the sector gets Lummis-Gillibrand 2.0, which broadly pushes in the same direction as the House proposals while taking some of its own detours. As it stands, the bill would put most crypto tokens within the CFTC’s commodities space and would grant that agency power over crypto trading.

What happened to the Lummis-Gillibrand Bill?

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.

What is the most comprehensive crypto bill ever?

But new legislation in Congress directly challenges that idea. The Responsible Financial Innovation Act—which Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are reintroducing today—is the most comprehensive crypto bill ever to come before the U.S. Senate. It is also the most bipartisan.