United States Senators Cynthia Lummis and Kirsten Gillibrand are leading the bipartisan crypto bill, dubbed the most ambitious one yet. Unfortunately, the bill will be deferred until next year with little to no chance of it passing through congress before the end of 2022. Lummis said:
“I think both Kirsten and I believe that the bill, in one piece, as a total bill is more likely to be deferred until next year. It’s a big topic, it’s comprehensive, and it’s still new to many U.S. Senators and so it’s a lot for them to digest in the few remaining weeks we have in this calendar year.”
The senators have experienced a positive response to the bill from both sides of the political spectrum. Gillibrand emphasized that fellow Democrat Senator Debbie Stabenow and Republican member John Boozman are enacting a bill proposing the Commodity Futures Trading Commission (CFTC) as the primary regulator of cryptocurrencies.
Moreover, Lummis noted that their bill is focused on the regulation of stablecoins by financial institutions that could also be enrolled into another bill in the Banking Committee and voted on this year.
It seems that we will have to wait for the ground-breaking new piece of regulation a little bit longer. However, it turns out that many politicians have expressed a positive attitude toward it.