Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) are developing crypto’s first bipartisan bill surrounding regulatory guidelines. The debate between which government regulatory agency, the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC), will control cryptocurrency has been hot in all things blockchain-related.
Previous bills regarding regulatory frameworks have been split between party lines and have been limited in scope. Senator Gillibrand stated that this framework would be controlled by the SEC and CFTC. The framework will outline specific guidelines for how blockchain-related “assets” will be regulated.
Christopher Warren, Managing Partner at Warren Law Group, says, “It will be intriguing to see how these two commissions would theoretically work together to regulate the expeditious innovation and increasingly mainstream cryptocurrency market. The status quo is more akin to the wild west than a fully functioning and regulated market. I dare hope the U.S. Government proffers a plan that won’t smother but encourages continued investment into web3 and blockchain infrastructure.”
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