The cryptocurrency market crash is building pressure on the Washington lawmakers to pen the US crypto regulation bill with ‘more urgency,’ says Sen. Gillibrand.
Despite the crypto regulation being a pretty new area for the lawmakers, the members of Congress are still interested in drafting digital asset rules.
“Most of my colleagues were fairly alarmed with the different market impacts over the last couple of months. There’s more urgency now, and also more of a sense that this is something we need to do,” says Sen. Gillibrand, at Bloomberg’s 2022 Crypto Summit.
Sen. Gillibrand and Sen. Cynthia Lummis released a comprehensive crypto regulation bill in June. The bill clearly bifurcates the crypto regulation scopes of the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Also read: Will the US Senators’ New Crypto Bill Change How Crypto is Taxed?
Sen. Lummis says, “People can see that if our bill were in effect today, there would be a way to address some of the problems that were created and that failed to protect consumers. This market is running without a statutory framework or regulation.”
Sen. Gillibrand is confident that the US crypto regulation bill will do the following:
- enhance transparency and accountability,
- better safety, soundness, and consumer protections.
Lummis, however, believes that the “big topic” crypto regulation bill won’t pass this year.
