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Common cause – US senators push bipartisan crypto regulation

 


New York Senator Kirsten Gillibrand has now disclosed that she is working with crypto advocate and Senator Cynthia Lummis on a full legislative framework to regulate the crypto industry.


As Gillibrand explains, she first carries out a “very complex and extensive review” of the status quo in the crypto industry with Lummis in order to later be able to derive appropriate regulatory proposals. The legal framework already aims to ensure that both the American Securities and Exchange Commission (SEC) and the CFTC are to be responsible for overseeing the crypto market.


Gillibrand explains her motivation behind the joint initiative with her colleague as follows:


"Senator Lummis and I have many similar goals, above all we want to ensure security and legality, we want to ensure investor protection, we want more clarity for the industry."

The joint project of the two politicians also has a high symbolic value, because Lummis and Gillibrand come from two different political camps. Many observers fear that crypto regulation will become a pawn in party politics, which is why a factual, non-partisan solution is all the more important.


While Senator Lummis is known for her open stance on innovation in the financial industry, Senator Gillibrand has not taken a clear stance on cryptocurrencies.


Last December, Lummis introduced a crypto regulation bill that would provide more legal clarity regarding stablecoins , investor protection, and the classification of different cryptocurrencies. At the time, she also campaigned for bipartisan support, which she has now received in the person of Senator Gillibrand.


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