Senators Lummis and Gillibrand are collaborating on a regulatory framework for crypto
March 25, 2022, 2:07AM EDT · 2 min readNew York Senator Kirsten Gillibrand and Wyoming's Senator Cynthia Lummis are joining forces on a yet-to-be introduced bill that promises regulatory clarity for crypto.
Specific details have yet to be disclosed, but Lummis and Gillibrand said the bill won't change any existing definitions that the Securities and Exchange Commission uses for securities. It will also include a"standing body," according to Gillibrand, that will make judgments as the industry grows and parameters change. In, news broke surrounding yet-to-be-filed legislation from Lummis that would mandate"a new organization under the joint jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to oversee the digital asset market," among other provisions.
"The definition of broker is altered in a way that would reflect what really happens on the ground with the developers of the software, the miners, the validators and so forth," she said.
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