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.

Will cryptocurrencies be governed by the SEC under the Lummis-Gillibrand Bill?

This post was updated to clarify thatmost cryptocurrencies would still be governed by the SEC under the Lummis-Gillibrand bill. Cynthia Lummis’s long-awaited regulatory bill has arrived, providing legal clarity across multiple major sectors of the crypto industry.

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.

Who are Bill Lummis & Gillibrand?

Lummis, a Republican from Wyoming, and Gillibrand, a Democrat from New York, first introduced their bill last June. At the time, the popular crypto stablecoin, TerraUSD, had already collapsed but the vast majority of the eventual 2022 turmoil, culminating with the implosion of trading giant FTX, was still to come.